Running a SMSF

Choosing to run your own super fund usually means that you’re confident you can deliver better returns than the professionals.

As trustee of your SMSF you must draft an investment strategy, follow special investment rules, and choose investments that will deliver you a retirement benefit when you finish work.

The decision to run your own super fund also depends on how willing you are to get on top of the superannuation laws, and the tax rules and reporting requirements.

If you do have fund choice, and you’re considering a self-managed super fund then you need to start planning: your SMSF must be fully operational before you can change funds.

Below are some of our key Running a SMSF articles:

Set out below are all SuperGuide articles explaining Running a SMSF.

SMSF trustees: Is your fund ready for SuperStream?

filing_1052529_c

If your SMSF receives super contributions from an employer, or employers, on behalf of SMSF members, then you need to ensure that your self-managed super fund is SuperStream-ready. Since 1 July 2014, employers with 20 or more employees must use the SuperStream standard, and all super funds, … [Read more...]

SMSFs must call Australia home

Australia_6219895_c

‘When I retire, I am going to travel…’ is a common phrase when Australians dream about life after work. For many Australian retirees, overseas travel features prominently in their retirement plans. If you're a SMSF trustee however, and you intend to travel for extended periods, or even live outside … [Read more...]

New penalties for SMSF trustees from July 2014

smsf_rule_changes_6287728_c

From July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules. The explanatory memorandum that accompanies the new legislation, states that the new SMSF penalties, taking effect from 1 July 2014 will enable the ATO to “give directions and … [Read more...]

Oops! Top 10 SMSF boo-boos

4199675334_cfd42a39ce_o

Note: Every year, the ATO publishes the top compliance mistakes made by SMSF trustees. This article contains data up to 30 June 2013. The next update, for compliance data up to 30 June 2014, will be available in early 2015. The ATO has published the top 10 compliance mistakes that SMSF trustees … [Read more...]

SMSF investment: Three most popular asset classes, and the rest (updated)

Pixmac000084322018_gold

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 June 2014 (for data as at March 2014). Each quarter the ATO releases self-managed super fund … [Read more...]

SMSF: How much does a DIY super fund cost? (updated figures)

Pixmac000013667575_aus_money

Note: Article updated in June 2014, and enhanced with an extra table outlining fees for small and large SMSF account balances.This Q&A includes the latest SMSF cost data released in December 2013 by the ATO, and data released by ASIC in September 2013. The next SMSF cost update is expected to be … [Read more...]

Are SMSF audits too expensive? (updated figures)

Pixmac000059278047_coins_contributions

Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This Q&A contains data for financial year ending 30 June 2012 (latest available as at June 2014). We have retained all comments from earlier versions of article. The next update, for compliance data up to 30 June 2013, … [Read more...]

Aged care a consideration for SMSF trustees

agedcare_2125200_c

The Aged Care reforms due to come into effect on 1 July 2014 will see retirees paying more for their admission to, and ongoing care in, aged care facilities. The bottom line is that the cost of aged care will increase, particularly for part pensioners and self funded retirees. The aged … [Read more...]

Parental leave policy dilutes franking credits on dividends

baby_12302401_c

SMSF trustees and other direct share investors, and all members of large super funds, will indirectly help finance the government’s proposed parental leave policy. The 2014 Federal Budget announced that  proposed parental leave policy will provide women with 6 months paid leave at current salary, … [Read more...]

SMSF basics: Can I run two super funds? (2 questions)

Pixmac000081245147_run2funds

1. Running two DIY super funds Q: My wife is 58 and retired and she has her own self-managed super fund, where she has rolled over her super funds from various employers. She plans to start her SMSF pension soon. After starting her pension, could she also start another SMSF fund? A person can … [Read more...]