SMSFs are useful retirement vehicles, but there are rules to follow which can easily be overlooked in haste. Run your eyes over the next five rules in this continuing list.
Tag Archives | trustee responsibilities
A recent case highlights the importance of SMSF trustees exercising discretion to pay death benefits in good faith, with real and genuine consideration and in accordance with the purpose of the conferred power.
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.
The Royal Commission has severely damaged the reputations of many retail funds. While the CEO of the peak body for industry funds is not complacent, battles have been won.
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.
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.
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?
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.
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.
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.
The majority of SMSFs have just two members, typically husband-wife. One of the most common problems with an SMSF is what happens if one member dies or becomes incapacitated.
Super fund mission statements typically focus on delivering strong returns and providing valuable services to members. As Australia’s super system matures, the mission should also include a goal for retirement standards.
There are stringent rules and regulations to follow when an SMSF borrows to invest in property. And despite what you might hear in the market, your SMSF cannot be used to pay off the home you live in.
APRA’s decision to continue to class deposits in public super fund as ‘non-retail’ makes it difficult for them to compete with banks and SMSFs. However, some in the industry still believe trustees can take a stand.
When a fund is open to the public, there is a dilution of the influence of those who were ‘looking after’ their members – unions and employers. Super funds may need to better balance leadership and consensus management styles.
If ‘SMSF’ were a corporate brand, its marketing department would be the most successful in superannuation history. The major retail funds always had a strong response to SMSFs in their kit bag, but they didn’t explain it to enough customers.