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 confidential:
the inside story on DIY super funds

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Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2012-2013 statistical review of SMSFs (released in December 2014). This report also contains data for the 2013-2014 year. The annual report for the 2013-2014 year will be available in December … [Read more...]

SMSF compliance:
ATO’s hit list for the 2014/2015 year

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Each year, the ATO publicises a list of compliance areas that the regulator intends to target when reviewing SMSFs during the year. Note: The ATO’s compliance approach is to deal with less serious breaches in a collaborative way with the SMSF trustees, by helping them rectify and undo … [Read more...]

New laws: Is your SMSF due for a super service?

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Read this article to discover the rules in place for SMSF trustees, and discover what you can do to ensure your SMSF operates within the super laws. A lot has changed for SMSF trustees in the past few years. The most recent significant change was the introduction of financial penalties, which are … [Read more...]

SMSFs outperform large funds over 7 years

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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 2015. The ATO will provide updated performance data (for year ending 30 June 2014) in late 2015. A common argument put forward … [Read more...]

Reminder: New penalties for SMSF trustees

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Effective since 1 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 … [Read more...]

Oops! Top 10 SMSF boo-boos for 2014 financial year

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

Pension earnings remain tax-free after death

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Regulations took effect from 1 July 2012 (although registered in June 2013) confirming that pension earnings remain tax exempt upon the death of a fund member receiving a super pension, even when there is no reversionary pension (that is, the pension of the deceased fund member does not … [Read more...]

SMSF trustees unfairly targeted by super tax illiterates

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Some leaders in the superannuation sector and in some economic think tanks are ignorant about SMSFs, including how the super tax rules work generally. Yet we have numerous pronouncements by various individuals and organisations about SMSFs not paying tax, or SMSF trustees not having the skills to … [Read more...]

SMSFs: What is the proportioning rule?

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Q: I have come across a statement which refers to a proportioning rule. Could you please explain to me exactly what the proportioning rule is, who it applies to and when it applies, and how you do the calculations for a SMSF? The short answer is: the proportioning rule is a mechanism to calculate … [Read more...]

New rules: SMSFs and life insurance

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Q: I am a self-employed businessman with my own SMSF. I would like to know if I can arrange insurance (s), for example, death cover etc through my fund with the premiums paid from the fund. Could you recommend any companies that may supply these services? The short answer to your first question … [Read more...]