By understanding superannuation law and implementing the right structure, SMSF members can ensure their super is passed onto their heirs after death with a minimum of fuss.
Tag Archives | SMSF trustees
The ATO has issued an update on illegal early release of super, when an SMSF is worth having, reporting obligations and trustee checklists. Make sure you stay on top of the rules.
The existence of segregated or unsegregated assets in an SMSF determines how the tax exemption on a pension is calculated, and timing is critical.
More of us are becoming portfolio managers, of at least our own portfolios. But in the professional arena, managing other people’s money requires special skills, with qualifications and ongoing training.
It’s fashionable to have an SMSF, and at barbecue talk, it goes well with the new car, private school, investment property and overseas holiday. But who should really have one?
An SMSF’s governing documents, including the trust deed, should specify trustee structure in the event of the death of a member, to ensure that the deceased’s estate plan is realised.
The three main issues for SMSFs today are the complexity of super rules, unmet financial advice needs and changes in asset allocations both aggressively and defensively.
Many SMSF trustees are expecting miracles from their portfolio, setting them up defensively to deal with risk while expecting returns over 10% a year. Something’s got to give.
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.
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.
There are some potential solutions for those who jump the gun with SMSF property investing, but it would be much better to curb your enthusiasm and set up the SMSF well in advance.
As 30th of June approaches, there are many things SMSF trustees should consider to make the most of their superannuation. Better not to leave these items until the last minute.
More wealth and better education levels mean SMSF trustees have a longer life expectancy by 2-3 years. They should be financially prepared and save for for those extra retirement years and beyond.