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 March 2013 (for data as at December 2012). Each quarter the ATO releases self-managed super … [Read more...]
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) issued by the Australian Taxation Office. This article contains the latest data available as at March 2013 (for data as at December 2012). The latest ATO statistics on SMSFs (representing SMSF … [Read more...]
Note: Every few months, we update this article with the latest data on superannuation funds issued by the Australian Prudential Regulation Authority (APRA). This article contains the latest statistics available, as of February 2013 (for data as at December 2012). Individuals running DIY super … [Read more...]
In late 2012, the Australian Tax Office undertook a review of the SMSF trustee declaration and the associated fact sheet (Self-managed super funds – key messages for trustees), and made significant changes to both documents. All new SMSF trustees must complete and sign the SMSF trustee … [Read more...]
Note: In late 2012, the Australian Tax Office undertook a review of the SMSF trustee declaration, and released a revised declaration and revised the accompanying key messages. All SMSF trustees should take a few moments to revisit the declaration, in particular, the 3 main changes to the … [Read more...]
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 2012. The ATO will provide updated performance data (for year ending 30 June 2012) in early 2014. A common argument put forward … [Read more...]
Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2010-2011 statistical review of SMSFs (released in late December 2012). This report does contain data for the 2011-2012 year as well. The annual report for the 2011-2012 year will be … [Read more...]
Q: I am interested in setting up a self-managed fund. I would like to know more about the rules for purchasing property in a super fund, and whether it is possible to use borrowings to do so. Trish’s response: A self-managed (DIY) super fund can invest in all types of property, including … [Read more...]
We have good news for New Zealanders who have settled in Australia, or for Australians who have settled in New Zealand. Effective from 1 July 2013, Aussies will be able to transfer superannuation benefits to KiwiSaver schemes and New Zealanders will be able to transfer retirement savings to an … [Read more...]
Note: This Q&A includes the latest SMSF cost data released in April 2012 by the ATO. The next SMSF cost update will be released by the ATO in April 2013. Q: My wife and I are considering setting up a self-managed super fund to be overseen by a licensed adviser. I asked two advisers for a … [Read more...]
Note: Every year, the ATO publishes the top compliance mistakes made by SMSF trustees. This article contains data up to 30 June 2011 (latest available as at May 2012). The next update, for compliance data up to 30 June 2012, will be available in April 2013. The ATO has published the top 10 … [Read more...]
If you run a self-managed super fund (SMSF), or you’re considering running a SMSF, then I recommend you check out a fantastic, and free, online SMSF trustee education tool. The tool, called the ‘Self Managed Superannuation Fund Trustee Education Program’, was launched in late-March 2010, … [Read more...]
Q: Thanks for the super site – it has been very useful for me as a trustee of my family SMSF. I have also bought your book, DIY Super for Dummies, which has been very informative and explained many issue in plain English. My question relates to updating the Trust Deed. I have looked at several … [Read more...]
Q: Rather than putting our money in super, should we just go for a lump sum and invest in term deposit and direct shares in our own name? For example, if a couple who are senior age can receive income of $51,630 tax-free outside of an SMSF, why bother with all the requirements and costs of operating … [Read more...]
1. Is there a minimum age for a DIY super fund member? Q: My son is 16 years and just started work full-time working in administration. Can he become a trustee and member of my DIY fund? An individual under the age of 18 can be a member of a SMSF, but he can’t be a trustee. Trustees of super … [Read more...]
