Oops! Top 10 SMSF boo-boos
The ATO has published the top 10 compliance mistakes that SMSF trustees make when running their self-managed super funds. The list is based on the general type of contraventions reported by SMSF auditors since the start of contravention reporting in 2005.
SMSF pensions: How do I start one?
Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60 not working) and transition to pension phase (myself aged 57 and still working part time)? If an accountant has to do [...]
SMSFs: 20% jump in ATO supervisory levy
In December 2010, I wrote that hidden in the Federal Government’s response to the Cooper Review was a recommendation that self-managed super funds be hit with a higher supervisory levy, effective from the 2010/2011 year.
SMSF pensions: What happens if I don’t withdraw the annual minimum pension payment?
Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $6,544. I only withdrew $6000 and can catch up this year. Is this a reportable breach to the [...]
Is your SMSF due for a super service?
If you run a self-managed super fund (SMSF), then you belong to an influential group that controls a third of all superannuation money held in Australia, and collectively owns nearly 10% of the Australian sharemarket!
SMSF providers: What should I look for when setting up my DIY super fund?
Q: I am about to set-up my SMSF but I am not sure who to handle this for me. Some are reasonably priced but I am concerned about access and professionalism as they are online only.
SMSF basics: Wrap vs DIY super
Q: I am looking at setting up a DIY super fund whereby I take over from a wrap provider, saving about $5000 in fees. Is there a ready-made program I can buy now, or how would you plan for this? Any books or articles that would assist?
