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 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...]

How can a SMSF live forever?

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Q: It has been suggested, that a family self-managed super fund (SMSF) can become a multi-generational tax haven, which can go on into perpetuity, provided that you establish a special corporate trustee, as well as an SMSF Will. I thought that the super money could not remain in the fund … [Read more...]

SMSF investment: Franked dividends lose some shine from 1 July 2015

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The Liberal government has committed to reducing company tax to 28.5%, effective from 1 July 2015 (subject to legislation). If the company tax rate drops to 28.5%, so does the level of franking credits linked to Australian company dividends. The policy to cut company tax was originally linked to … [Read more...]

SMSF trustees: Is your fund ready for SuperStream?

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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

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‘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

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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

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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 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)

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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...]