An inducement offer by a super fund is currently active, and it is creating confusion about what marketing is permissible, given that previously, regulators held such to be in violation of the sole purpose test.
Tag Archives | SMSF compliance
A reader thought Noel Whittaker’s article last week reported an ‘incredible’ claim, so more detail is provided on the correct documentation and management of Transfer Balance Caps.
A significant compliance breach can materially affect the tax effectiveness of your SMSF, so check you are complying with these seven steps and stay on top of the administration and obligations.
Even for this experienced SMSF technical services executive, the tighter rules for borrowing in his SMSF brought some unexpected problems. It’s much harder now than most people realise.
The Total Superannuation Balance is an important factor in changes to super and SMSF rules that took effect in the current financial year. Understanding the rules can maximise superannuation opportunities.
Although over one million Australians are trustees of SMSFs, ASIC reports that many do not have the expertise or time to take responsibility to manage their own superannuation.
Regardless of why an SMSF needs winding up, certain steps must be followed to do it correctly. This list will help SMSFs trustees stay on the right side of the law and allow for a smoother audit process.
When an SMSF member becomes a disqualified person, it’s time to act. The law allows a window of only six months for the SMSF to address the issue and become compliant again, but it’s rarely an easy process.
Continuing our series on EOFY strategies, there are many things SMSF trustees should check immediately, with updated comments where relevant on the implications of the budget proposals.
SMSFs hold some of the most bizarre assets imaginable, challenging auditors required to value them and verify ownership. New rules and compliance obligations for trustees are fast approaching.
Only 22% of SMSFs have a corporate trustee, with the rest using individual trustees. The benefits of a corporate trustee are not widely appreciated or adopted, but they will be realised when it’s too late.
Transacting with related parties within an SMSF needs careful attention to avoid contravening the law. It can be tricky working out who is a related party, but doing everything at arm’s length is a good start.
Treasurer Scott Morrison firmly ruled out the introduction of new superannuation taxes on incomes in retirement, but other changes on concessions and negative gearing can be expected in the Budget.
Your SMSF Trust Deed is an important document, governing what the trustees are allowed to do. As superannuation laws change, so too must the Trust Deed, or you risk having a non-compliant fund on your hands.
When your accountant, financial adviser or golfing partner recommend an SMSF, check this list to consider all that’s involved, even if you think you have the time to manage it.
Each year, SMSFs are required to have their financial accounts audited. In most cases everything ticks along nicely but what happens when a red flag pops up? Early rectification is always best to avoid the ATO’s wrath.