SMSF trustee declaration: a quick guide
When setting up your SMSF, you must sign a SMSF trustee declaration that confirms you understand the responsibilities and duties involved in running a SMSF.
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.
Super for beginners, part 15: Super tax – as easy as 1-2-3
Your superannuation benefit can be taxed at three stages: When making contributions, when a super fund earns income and when receiving super benefits
A comfortable retirement: How much super is enough?
So, the big question is: how much money do you really need for your retirement? Lifestyle is a very personal thing —luxury living for one person is a modest existence for someone else.
Setting a retirement target: Living on more than $55,000
The most popular question about superannuation and retirement planning is, without doubt: How much money is enough?
Concessional contributions: what form do I use to claim a tax deduction?
Q: Could you lead me to a link where I could find a generic S290-170 notice of intent to deduct? It would be great to have a generic list of forms that would assist self-managed super fund (SMSF) trustees.
Pensions: Is there an upper limit to how much we can withdraw?
Q: I am aware that the minimum amount of pension withdrawal is normally 4% (for under 65s) of the pension account balance (currently 3% for 2011/12).
SMSF providers: What should I look for when setting up my DIY super fund?
Q: I am about to set-up my SMSF but I am not sure who to handle this for me. Some are reasonably priced but I am concerned about access and professionalism as they are online only.
Help! How can we find independent investment advice?
Question: My husband and I are looking to start a SMSF. We have been able to find sources for the set up, accounting and audit of the fund and are now looking for assistance on the portfolio.
SMSF compliance: Is a corporate trustee required to pay lump sums?
Q: I’ve seen conflicting advice that if you wish to make a lump sum payment from an account-based Pension by way of an in-specie transfer of assets, or, just a lump sum cash withdrawal, you can’t do it if you have individual trustees. You must have a corporate trustee. Can you please comment?
SMSF basics: To DIY or not to DIY?
Q: Six months ago, my wife and I started a self-managed super fund. We pay a flat fee to have it administered on our behalf. All the assets in the fund at this stage are my rollovers.
