Note: We regularly update this article with the latest data on superannuation funds issued by the Australian Prudential Regulation Authority (APRA). This article contains the latest statistics available, as of May 2013 (for data as at March 2013). More than half a million self-managed super funds … [Read more...]
Four years ago, in January 2009, we launched the SuperGuide website, and since that time we have received thousands of questions, from our millions of visitors, on different aspects of superannuation. We try to represent as many questions as possible in the articles we publish, while also ensuring … [Read more...]
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) released by the Australian Taxation Office. This article contains the latest data available up to March 2013 (for data as at December 2012). Each quarter the ATO releases self-managed super … [Read more...]
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) issued by the Australian Taxation Office. This article contains the latest data available as at March 2013 (for data as at December 2012). The latest ATO statistics on SMSFs (representing SMSF … [Read more...]
Note: In late 2012, the Australian Tax Office undertook a review of the SMSF trustee declaration, and released a revised declaration and revised the accompanying key messages. All SMSF trustees should take a few moments to revisit the declaration, in particular, the 3 main changes to the … [Read more...]
Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the latest SMSF performance data available from the ATO, as at February 2012. The ATO will provide updated performance data (for year ending 30 June 2012) in early 2014. A common argument put forward … [Read more...]
Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2010-2011 statistical review of SMSFs (released in late December 2012). This report does contain data for the 2011-2012 year as well. The annual report for the 2011-2012 year will be … [Read more...]
Q: I am 62 years of age and retired. I have recently commenced an account-based pension from my SMSF. Can I still make non-concessional contributions to that fund? A: I have divided your question into two parts. 1. Can someone who is 62 years of age and retired, continue to make super … [Read more...]
Q: I own a unit as an investment property. I would like to keep this unit as long as possible. The unit is a safe income stream and a safe haven against market uncertainty. However, if I have to sell it later, I won’t be able to put the money into my SMSF because of the work test (as it is … [Read more...]
Q: I want to make a tax-deductible super contribution to my SMSF. I am trying to find the official form for claiming this type of deduction. Could you lead me to a link where I could find a generic S290-170 notice of intent to deduct? Answer: You can download the ‘Notice of intent to claim or … [Read more...]
Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This Q&A contains data for financial year ending 30 June 2010 (latest available as at May 2012). The next update, for compliance data up to 30 June 2011, will be available in April 2013. Q: SMSF auditors and … [Read more...]
Note: Every year, the ATO publishes the top compliance mistakes made by SMSF trustees. This article contains data up to 30 June 2011 (latest available as at May 2012). The next update, for compliance data up to 30 June 2012, will be available in April 2013. The ATO has published the top 10 … [Read more...]
Q: Thanks for the super site – it has been very useful for me as a trustee of my family SMSF. I have also bought your book, DIY Super for Dummies, which has been very informative and explained many issue in plain English. My question relates to updating the Trust Deed. I have looked at several … [Read more...]
Q: We have a Trust Deed which should be updated and I figure the best way is to amend it by simply replacing it. What is best way of going about it without having to "pay all over again"? Is there a law firm/administrator who specialises in this activity? For background you should first read the … [Read more...]
1. Is there a minimum age for a DIY super fund member? Q: My son is 16 years and just started work full-time working in administration. Can he become a trustee and member of my DIY fund? An individual under the age of 18 can be a member of a SMSF, but he can’t be a trustee. Trustees of super … [Read more...]
