SMSF audit: Where is your fund’s trust deed and investment strategy?
Q: Do I need to provide a copy of my super fund’s trust deed and financial strategy to my SMSF fund auditor in order to complete the auditing process? ‘Yes’ is the answer, based on the ATO publication ‘Auditing a self-managed super fund’, which provides instructions for SMSF auditors.
SMSF confidential: the inside story on DIY super funds
SMSFs outperform large funds even in difficult investment climates, according to the latest ATO report on SMSFs. If that news isn’t confronting enough for the non-SMSF super industry, add the fact that SMSF members are also richer (and older) and have larger account balances.
Oops! Top 10 SMSF boo-boos
The ATO has published the top 10 compliance mistakes that SMSF trustees make when running their self-managed super funds. The list is based on the general type of contraventions reported by SMSF auditors since the start of contravention reporting in 2005.
SMSF audit: you must appoint an approved auditor
If you run a self-managed super fund, you must ensure that your SMSF is audited annually by an approved auditor. As SMSF trustee, you also must ensure that you formally appoint your fund’s auditor each year.
SMSF basics: Trish’s 10 commandments of DIY super
If you’re running a self-managed super fund, then you’re obviously aware that being a SMSF trustee/member is a very different experience to belonging to a large super fund. In a large super fund, someone else looks after your superannuation benefits.
SMSF pensions: What happens if I don’t withdraw the annual minimum pension payment?
Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $6,544. I only withdrew $6000 and can catch up this year. Is this a reportable breach to the [...]
Cooper Review: Government flags ‘bye bye’ to SMSF borrowing
The Federal Government released its response to the Cooper Report on 16 December 2010, and among the 139 recommendations it took on board from the Cooper Report, one of those recommendations could potentially be explosive for some SMSF trustees.
SMSF supervisory levy to increase from 2010/2011 year
Hidden in the Federal Government’s response to the Cooper Review is a real doozey. The Government recommends that self-managed super funds be hit with a higher supervisory levy, effective from the 2010/2011 year.
