The due date for the SMSF annual return for some self-managed super funds is fast approaching, Trustees now have less than one month to lodge the return.
SMSF asset valuations, ATO provides COVID-19 concessions. Every year, trustees of SMSFs have to ensure that the fund’s assets contained in the financial statements and accounts are at market value for the associated audit.
SMSF auditor appointments, are you still compliant? Are you the trustee of an SMSF? Then you should know all about the obligation to appoint a registered auditor to audit your SMSF every year.
SMSF discretionary powers override wills with death benefits. Death of a family member is often a difficult time, but if the deceased was a member of SMSF, complications from trustee arrangements and payment of the death benefit can make a difficult time even worse for the family members.
SMSF improvements that were proposed by the Government before the disruption of the Coronavirus epidemic are are again on the drawing board. The government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions.
To prevent SMSFs falling afoul of the in-house asset provisions when they give related party tenants a rent deferral due of financial hardship caused by COVID-19, the ATO has released a draft legislative instrument to provide a SMSF in-house asset exemption.
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.
SMSF member and moving overseas? If you currently have an SMSF, you’ll need a strategy for managing your super to ensure your fund doesn’t breach any residency rules. Know your options and plan before you go.
SMSF membership may soon be able to increase to six members. A large member group in an SMSF creates a number of important planning issues that need to be carefully managed.
The sole purpose test is one the fundamental requirements for SMSFs to obtain tax concessions. It requires that the SMSF be maintained for the sole purpose of providing retirement benefits to its members or their dependents if a member dies before retirement.
In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the growth in SMSF property development was highlighted as a main issue.
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.
SMSF schemes, make sure your transfer is legitimate. Have you been advised to transfer your super to a self-managed super fund (SMSF)? Perhaps you have been told that you could withdraw your superannuation early, to pay off debt?
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.
SMSF trustee, is a corporate trustee worth the extra expense? Setting up a new SMSF does involve some cost, and one of the decisions you’ll need to make is whether it’s worth paying to establish a new company to act as trustee.
SMSF trustees must watch their related party expenses. The tax laws that penalise uncommercial transactions between SMSFs and related parties are set to get tougher, with an SMSF’s expenses to come under the spotlight.
SMSF with tax return lodgement due date of 31 October have been reminded to lodge on time. According to the ATO, those funds that are more than 2 weeks overdue on any annual return lodgement will have their fund status changed to “Regulation Details Removed” on Super Fund Lookup.
Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI).
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?
SMSFs vs other types of funds, some issues to consider. For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone.
Sole purpose test is an area of concern for SMSF trustees. If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay particular attention to including the sole purpose test, the in-house asset rules, unlawful schemes and arrangements, and dividend-stripping.
Starting a small business, over half fail in first five years. There is something irresistible about starting a small business that has captured our collective imaginations, with small businesses making up 97% of all Australian businesses.
Stimulus package for Coronavirus update released 22nd March. The economic impact of the COVID-19 pandemic seems to get more and more serious with every passing day. With everyone more or less practicing social distancing if not outright self-quarantining, many businesses and casual workers are struggling in the current economic environment.
Hunter Partners have published articles categorised as Super & Financial Planning on this site for your information
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.
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Super deductions, get them right or the ATO will get you. Recent changes to the law mean many more Australians can now claim deductions for their personal super contributions.
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Personal tax rates unchanged for 2021–2022
