Tag Archives | smsf compliance

sole purpose test

Sole purpose test needs level playing field

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.

SMSF compliance scorecard

7 vital steps to compliance for your SMSF

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.

borrow residential

Heed my problems borrowing in my SMSF

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.

winding up

10 tips for winding up an SMSF

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.

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When an SMSF member becomes disqualified

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.

unusual assets

The amazing world of exotic assets in SMSFs

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.

corporate trustee

Why SMSFs should have a corporate trustee

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.

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SMSFs need care dealing with related parties

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.

superannuation system responses

Treasurer wants super fixes, then stability

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.

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Importance of updating your SMSF Trust Deed

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.

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