Establishing a self-managed super fund (SMSF) is a significant step toward taking direct control of your retirement savings. However, one of the most important decisions you will make at the outset is selecting the appropriate trustee structure. This choice affects how your fund operates, how easily it can adapt to change, and your ongoing compliance […]
If you are a trustee of a Self-Managed Super Fund (SMSF), it is your legal responsibility to ensure that members receiving an account-based pension are paid at least their minimum pension amount by 30 June each financial year. Missing or underpaying this requirement can result in significant tax consequences for the member and the fund. […]
As the new financial year begins, it’s common for Australians to review the performance of their superannuation funds. Unfortunately, this period also brings a rise in unsolicited calls, social media advertisements, and offers promoting “free super health checks” or services to “find your lost super”. While these offers may appear helpful, they are often designed […]
Establishing a Self-Managed Super Fund (SMSF) offers flexibility and control over your retirement savings—but it also comes with serious legal and administrative responsibilities. As a trustee, you are personally responsible for ensuring that your fund complies with all relevant superannuation laws and regulatory requirements. A failure to comply with these obligations is referred to as […]
Establishing a self managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by the ATO, the number of SMSFs in Australia continues to grow as more people seek to take advantage of the control and flexibility offered. In the five years to 30 June […]
As a new calendar year commences, the ATO’s priorities in the self managed super fund (SMSF) sector remain consistent. As in previous years, the greatest area of concern for the ATO continues to be taxpayers illegally accessing their super before meeting a condition of release. While it notes that the vast majority of SMSFs follow […]
The ATO has ramped up compliance activity in the self managed super fund (SMSF) space in response to an increasing number of funds that have been identified as not complying with superannuation obligations. For the 2023 year, the ATO says it has issued double the amount of tax and penalties when compared with the 2022 […]
The ATO has warned taxpayers against entering into a scheme through their self managed superannuation fund (SMSF) which claims to allow individuals to purchase property using money from their super. This sort of scheme typically involves the rollover of a member’s super benefits from an existing fund into a new or existing SMSF, which then […]
The Federal Government has showed its hand in terms of potential future changes to the Australian superannuation system. The Assistant Treasurer and Minister for Financial Services, Stephen Jones, recently outlined two main areas the government will be focusing on. This includes legislating an objective for super (earmarking it specifically for use in retirement), which will […]
Would you like to hold a wine collection, artworks, or a classic car in your self managed superannuation fund (SMSF)? Well, you can if you follow some strict rules. Firstly, the investment in collectibles or personal use assets must be for genuine retirement purposes and not to provide any present day benefit to either the […]
SMSFs can be a great option for building retirement savings, but they may not be suitable for everyone. Before you jump in, make sure you understand the differences between SMSFs and other types of funds to help you make an informed decision. Here are a few issues to consider. Management While public offer funds are […]