The 2013/2014 financial year is a huge year for SMSF trustees with a hefty batch of changes set to take effect from 1 July 2013. You also need to be aware that a raft of changes took effect from 1 July 2012 (2012/2013 year). As a SMSF trustee, you will need to ensure that your super fund complies … [Read more...]
For the 2011/2012 year, the ATO supervisory levy for self-managed super funds has increased from $180 to $200. The levy hike is an 11% increase from the previous financial year, and a massive 400% increase from the ATO levy that was payable 5 years ago. In the 2012 Federal budget, hidden in the … [Read more...]
Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This Q&A contains data for financial year ending 30 June 2010 (latest available as at May 2012). The next update, for compliance data up to 30 June 2011, will be available in April 2013. Q: SMSF auditors and … [Read more...]
On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus. Mr Swan announced the following superannuation-related changes: Super contributions surcharge for high-income earners. Doubling of the contributions tax to 30% … [Read more...]
Q: Since we can now use super to purchase real estate, is this also true for property in the United States? Can you provide me with some guidance on how I could find out the process and correct entities to establish in order to do this? Thanks. A: Before I answer your question, I need to clarify … [Read more...]
Q: I would like to know who is the best SMSF specialist in Perth who I can get to do my SMSF audit and tax return and give me the best advice on what to do. Unfortunately I am unable to assist you with specific recommendations. We have developed a superannuation and financial services directory … [Read more...]
Q: Do I need to provide a copy of my super fund’s trust deed and financial strategy to my SMSF fund auditor in order to complete the auditing process? ‘Yes’ is the answer, based on the ATO publication ‘Auditing a self-managed super fund’, which provides instructions for SMSF auditors. … [Read more...]
If you run a self-managed super fund, you must ensure that your SMSF is audited annually by an approved auditor. As SMSF trustee, you also must ensure that you formally appoint your fund’s auditor each year. You must appoint an approved auditor at least 30 days before the due date of the SMSF … [Read more...]
If you’re running a self-managed super fund, then you’re obviously aware that being a SMSF trustee/member is a very different experience to belonging to a large super fund. In a large super fund, someone else looks after your superannuation benefits. As a SMSF trustee, you make all of the … [Read more...]
Q: I (my wife & I) have had a self-managed super fund (SMSF) since 1996. As rules concerning income streams etc have changed since the date of my deed, can we simply sign a current, new, trust deed to make it effective for our requirements, or do I need to amend the relevant clauses in the old … [Read more...]
On 10 December 2009, the Government’s Super System Review released ‘A statistical summary of self-managed superannuation funds’. Although mainly based on data as at June 2008, the document provides interesting insights into what the ‘average’ SMSF is doing in terms of fund costs, asset … [Read more...]
