SMSF administration

Set out below are all SuperGuide articles explaining SMSF administration.

New penalties for SMSF trustees from July 2014   Super Guide

From July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.

Oops! Top 10 SMSF boo boos   Super Guide

The ATO has published the top 10 compliance mistakes that SMSF trustees make when running their self-managed super funds.

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

The latest ATO statistics on SMSFs (representing SMSF activity up to the end of March 2014) highlight some interesting observations that can be made about the current batch of SMSF trustees.

Are SMSF audits too expensive? (updated figures)   Super Guide

Q: SMSF auditors and administrators are charging rather high audit fees, perhaps because of the mandatory nature of these audits.

SMSF pensions: How do I start one?   Super Guide

Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60, and retired) and transition-to-retirement pension phase (myself aged 57 and still working part time)?

SMSF: Annual ATO levy to be cut   Super Guide

Hidden in a raft of 92 announcements relating to the outcome of unlegislated tax and superannuation measures, some uncharacteristic good news came to light for SMSF trustees.

Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $11,000. I only withdrew $6000 and I can catch up this year. Is this a reportable breach to the Tax Office?

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

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 findings.

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

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.

ATO levy hike for SMSFs   Super Guide

Effective from 2013/2014 year, the ATO supervisory levy for self-managed superannuation funds is set to jump again, increasing to $259 a year.