SMSF administration

Set out below are all SuperGuide articles explaining SMSF administration.

How can a SMSF live forever?

Pixmac000036337911_tortoise

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...]

New penalties for SMSF trustees from July 2014

smsf_rule_changes_6287728_c

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

4199675334_cfd42a39ce_o

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...]

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

415772853_03ad26b7e0_o_profile

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 June 2014 (for data up to March 2014).The latest ATO statistics on SMSFs (representing SMSF … [Read more...]

Are SMSF audits too expensive? (updated figures)

Pixmac000059278047_coins_contributions

Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This Q&A contains data for financial year ending 30 June 2012 (latest available as at June 2014). We have retained all comments from earlier versions of article. The next update, for compliance data up to 30 June 2013, … [Read more...]

SMSF: Annual ATO levy to be cut

scissors_by_gozzee-d4qisdx

Hidden in a raft of 92 outstanding policy items relating to the outcome of unlegislated tax and superannuation measures, some uncharacteristic good news came to light for SMSF trustees. Due to several SMSF-related measures not proceeding under the new government, the government has promised to … [Read more...]

SMSFs: How much money do you need to start one?

SMSF-costs_2533839_c

In late 2012, the Australian Securities and Investments Commission (ASIC) asked consultants Rice Warner to examine whether there was a minimum cost-effective fund balance for an SMSF. The final report was released publicly in September 2013, and ASIC has asked for industry feedback on the … [Read more...]

SMSF providers: What should I look for when setting up my DIY super fund?

Pixmac000084507656_work_trip

Q: I am about to set-up my self-managed super fund (SMSF) but I am not sure who to handle this for me. Some online providers are reasonably priced but I am concerned about access and professionalism as they are online only. I have checked out various other providers (but unsure who to go with). Have … [Read more...]