As of June 2017, SMSFs (Self Managed Super Funds) are responsible for the largest portion of super funds in Australia. As of March 2017, there were approximately 1.13 million SMSF trustees running well over half a million (596,516) SMSFs. So what are the current SMSF Trustee trends ? Nearly two-thirds of trustees are over 55, but, the dominance of this age …
Superannuation Withdrawal Tax – What You Need To Know
Nobody enjoys it much, but paying tax is a necessary thing. And it is the same with your superannuation. When you withdraw your superannuation you will more than likely need to pay tax on the payments you receive, however, the amount of tax you pay will be dependent on a number of things. Let’s take a look at the way …
Super Re-contribution Strategies
Your superannuation fund is made up of taxable and non-taxable components. Contributions made to your fund on which you have already paid tax will make up the tax-free elements. These after-tax contributions are referred to as non-concessional, meaning that tax cannot be paid on these funds when withdrawn. When withdrawing lump sums from superannuation, it must be done in accordance …
How to find lost super
One of the most common things we hear is that someone has lost their super – in other words, they have superannuation accounts that they no longer remember or have the details of and no longer contribute to. If you think this might apply to you, there are ways to relocate your lost super. And it’s important to find your …
Allocated Pension versus Account Based Pension
Allocated Pensions is a partially outdated term that refers to an income stream provided by accumulated superannuation funds upon retirement. This type of pension was prevalent within an industry super fund, retail super fund or self managed superannuation fund (SMSF) amongst others. In order to draw the income from the allocated pension, a calculation based on minimum and maximum life …
When does an SMSF need/require an actuarial certificate?
There is often confusion around when an actuarial certificate is or isn’t needed for your SMSF. This article tries to clear up some of that confusion. There are many instances in which an actuarial certificate is needed by your SMSF and so it’s a little easier to cover the occurrences where one is not required. This can be determined by …
SMSF Sole Purpose Test
The sole purpose test is a test the ATO uses to ensure that SMSF trusts are operating with the intention of only benefitting from their funds through the sole purpose of either retirement or in the event of a member’s death. While the way that an SMSF manages its investments is not ruled by the ATO, it does have some …
SMSF Commercial Property Purchase FAQ
Can an SMSF buy a commercial property? But your SMSF can purchase business property such as your own business’ premises. This is an attractive option for SMSF trustees as it allows you to pay rent directly to your SMSF at the market rate. Many SMSFs choose to do this to help them to grow their SMSF fund for their retirement, …
Are you thinking of investing in SMSF Collectibles?
Are you thinking about investing in collectibles for your SMSF? Or do you already have collectibles and want to ensure your investment is compliant? Wherever you are in the process of using collectibles in your SMSF investment strategy, this articles provides you with some simple guidelines and must-know facts. One of the investments your SMSF can make is in collectibles …
Updating Your SMSF Trust Deed
It is important to have a robust and up-to-date trust deed for your SMSF. Over the years there have been many changes to government requirements around how SMSFs are managed. Whenever the government make changes to SMSF regulations or requirements this is an essential time to check your existing trust deed for your SMSF and ensure it is compliant. Currently, …