SMSF reduces rent, breaches compliance rules. After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this pandemic.
Read more: SMSF reduces rent and breaches compliance rules
ATO top mistakes. While the due date for SMSF annual returns depends on the particular fund, if you had an SMSF at 30 June 2019 or has wound up an SMSF during the last financial year, you will need to lodge a return.
Read more: ATO top mistakes when lodging your SMSF annual return
SMSF investment strategy. While many trustees will know that self-managed super funds (SMSFs) are required to prepare and implement an investment strategy, what they may not know is that specific factors have to be considered in forming the investment strategy including the risk of inadequate diversification.
Personal Tax, Self-Managed Superannuation Funds
Read more: SMSF investment strategy has diversification requirements
Super guarantee, Government acts to close a loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed.
Read more: Super guarantee, Government acts to close a loophole
Consumers to have better protection under new ASIC powers. In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report, the government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system, particularly in relation to financial advice.
Personal Tax, Super and Financial Planning
Read more: Consumers to have better protection under new ASIC powers
Superannuation savings increased by no cost strategies. With all the pandemonium of the holiday season and the end of the year rush, your super is probably the last thing on your mind. However, this is precisely the right time to think about implementing some strategies to increase your super for the coming year.
Read more: Superannuation savings increased by no cost strategies
SMSF sole purpose test and fractional investments. Previously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would contravene the sole purpose test. However, a Full Federal Court decision has re-framed the sole purpose test which will provide some flexibility to trustees on certain investments.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF sole purpose test and fractional investments
Super guarantee opt out for high income earners with multiple jobs. If you’re a high-income earner with multiple employers, there is a good chance that you may unintentionally exceed the super concessional contributions cap in any year, which may cause excess contribution issues.
Read more: Super guarantee opt out for high income earners with multiple jobs
Insurance changes in superannuation are on the horizon. You may have heard a lot recently about super funds providing either opt-in or opt-out insurance and have wondered how will affect you and your retirement savings.
Read more: Insurance changes in superannuation are on the horizon
“Downsizer” super contributions let you contribute some of the proceeds from the sale of your home into superannuation – but there are several important eligibility requirements.
Personal Tax, Super and Financial Planning
Read more: Downsizer super contributions, you need to get it right
Can I access my super early? I need help with expenses. Thinking about tapping into your super early to help with mounting expenses? Mortgage repayments, medical treatments and hard-to-meet living costs are all potentially valid reasons for early access to super – but the eligibility rules are strict.
Personal Tax, Super and Financial Planning
Read more: Can I access my super early? I need help with expenses
SMSF investment strategy compliance, ATO to check on over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk.
Business Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF investment strategy compliance, ATO to check
Super and bankruptcy, can creditors access my benefits? Superannuation is an effective investment structure for asset protection, but a questionable contribution into super could jeopardise some of your benefits in the event of bankruptcy. How you access your benefits can also make a big difference.
Personal Tax, Super and Financial Planning
Read more: Super and bankruptcy, can creditors access my benefits?
SMSFs differ from other funds so understand the differences. Insurance and dispute resolution might not be high on your list of things to consider when starting up an SMSF, but these issues do affect SMSFs differently to public offer funds. What will you do if a dispute arises between SMSF members, and what does taking out insurance in an SMSF practically involve?
Business Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSFs differ from other funds so understand the differences
Valuing your SMSF assets, know the market value requirements. Recording the market value of your SMSF’s assets is an important trustee responsibility. But how do you prove “market value”, how often must you value assets and when do you need to hire an expert valuer?
Business Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: Valuing SMSF assets, know the market value requirements