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, …

SMSF Estate Planning

Why is estate planning for your SMSF so vital?

One of the major advantages to having an SMSF (self-managed super fund) is that you can take control over what happens to your super in the event of your death. With some well managed SMSF estate planning you can maximise the benefits for your family. There are distinct advantages to good estate planning in SMSF – the main one being …

SMSF Binding death benefit Nomination

Key things to know about your SMSF binding death benefit nomination

Your self-managed super fund (SMSF), unlike your home, is not something that will likely automatically be passed on to your family members. Your trustee (as chosen by you) will pay a death benefit to your nominated parties as per the governing rules of your fund and in conjunction with legal requirements. So, what is a death benefit nomination? When a …

Illegal access to Super

Beware of Illegal Access to your Super

Have you been approached by a promoter of illegal super scheme? These promoters usually: encourage you to transfer your super from your existing super fund to a self-managed super fund (SMSF) to access your super before you are legally entitled to target people who are under financial pressure or who do not understand the super laws claim that you can …

Education for SMSF Trustees

Education for SMSF Trustees – ATO SMSF Trustee Education Tool

Are you new trustees to SMSF or looking to improve your knowledge as existing SMSF trustees? Australian Taxation Office lists a number of free online SMSF Trustee Education tool to assist the new trustees. The trustees may access these courses either due to ATO direction or by trustee’s choice. ATO encourages SMSF trustees to take these courses to improve their understanding …

2016-17 Superannuation Reform Changes in New Budget

Following the new budget effective from 7.30pm 3rd May 2016, following changes have been made in relation to Superannuation; 1. New lifetime cap for non-concessional superannuation contributions – Effective 3rd May 2016 7.30PM The government will introduce a $500,000 lifetime non-concessional contributions cap. The lifetime cap will take into account all non-concessional contributions made on or after 1 July 2007 …

SMSF Capital Gains Rules and how they affect your investments

SMSF capital gains rules state that if you make a net capital gain, it will be included in your SMSF’s assessable income. SMSFs have flat tax rate of 15%. Complying SMSFs are entitled to a CGT discount of 1/3 if the relevant asset had been owned for at least a year. Net capital gain is calculated as per below; Total …

SMSF Investment Rules – Are You Compliant?

The Superannuation law does not prescribe what a SMSF can and cannot invest in. But there are restrictions on where the fund can invest in and the entities from which the fund can acquire assets. The investment options available to an SMSF is quite broad. Your fund can invest in: Cash Direct Shares Direct Property Bonds Share & Property Trusts …

Can you have a Single Member SMSF?

Can you have a single member SMSF?  Yes you can. There are two options in creating a single member SMSF. Corporate trustee – A corporate trustee is established to act as the trustee of the fund in which the single member is the sole director. Individual trustee – For individual trustees, you are required to appoint two trustees. The single …