SMSF administration

Set out below are all SuperGuide articles explaining SMSF administration.

SMSF administration: Are there problems dealing with online trust deed providers?

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...]

SMSFs: Is DIY super right for you?

Running your own super fund is not necessarily a difficult task but you need to keep your wits about you. You may hear a lot a noise about DIY super, and sometimes from people who know nothing about super. Your best defence against bad advice is to start with your own research.The term, DIY … [Read more...]

SMSF compliance: Is your fund due for a super service?

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...]

SMSF trustees face bigger penalties from 2015/2016 year

SMSF trustees can expect harsher fines from this financial year (2015/2016 year) onwards with administrative penalties of up to $10,800 per trustee (including corporate trustee) for a breach of the super rules.A SMSF trustee must run his or her super fund according to the superannuation rules. … [Read more...]

SMSF compliance: ATO’s hit list for the 2015/2016 year

Each year, the ATO publicises a list of compliance areas that the regulator intends to target when reviewing SMSFs during the financial year. This is the hit list for the 2015/2016 year.Note: The ATO’s compliance approach is to deal with less serious breaches in a collaborative way with the SMSF … [Read more...]

Reminder: Harsher penalties for SMSF trustees

Note: This article explains many of the recent changes to the superannuation rules that affect SMSFs.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 accompanied the … [Read more...]

Do you fit the latest profile of a ‘typical’ SMSF trustee?

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 November 2015 (for data up to June 2015).The latest ATO statistics on SMSFs (representing SMSF … [Read more...]

Super rumour: Government to ban anti-detriment payments?

Recently, financial publications have been reporting on the use of anti-detriment payments, and the possibility that the federal government plans to ban such payments. This speculation continues even though at the time of writing, we do not have an official government response to the 2015 Tax … [Read more...]

SMSF expertise: Debunking the DIY super myth

The practice of calling self-managed super funds, ‘DIY super funds’ upsets the regulator, and also concerns many of the service providers making a living from helping individuals set up, and run, self-managed super funds (SMSFs).The key message emanating from the SMSF industry is that you can’t … [Read more...]

How can a SMSF live forever?

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 a SMSF Will. I thought that the super money could not remain in the fund indefinitely … [Read more...]