SMSF administration

Set out below are all SuperGuide articles explaining SMSF administration.

SMSF compliance:
ATO’s hit list for the 2014/2015 year

opened books pen and glasses on sepia background

Each year, the ATO publicises a list of compliance areas that the regulator intends to target when reviewing SMSFs during the year. Note: The ATO’s compliance approach is to deal with less serious breaches in a collaborative way with the SMSF trustees, by helping them rectify and undo … [Read more...]

New laws: Is your SMSF due for a super service?

smsf_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...]

Reminder: New penalties for SMSF trustees

smsf_rule_changes_6287728_c

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 accompanies the new legislation, states that the new SMSF penalties, taking effect from 1 July 2014 will enable the ATO to “give … [Read more...]

Oops! Top 10 SMSF boo-boos for 2014 financial year

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 2014 (latest available as at February 2015). The next update, for compliance data up to 30 June 2015, will be available in late 2015. The ATO has published the top 10 … [Read more...]

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...]

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...]