SMSF compliance

Set out below are all SuperGuide articles explaining SMSF compliance.

SMSF trustees: Is your fund ready for SuperStream?

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If your SMSF receives super contributions from an employer, or employers, on behalf of SMSF members, then you need to ensure that your self-managed super fund is SuperStream-ready. Since 1 July 2014, employers with 20 or more employees must use the SuperStream standard, and all super funds, … [Read more...]

SMSFs must call Australia home

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‘When I retire, I am going to travel…’ is a common phrase when Australians dream about life after work. For many Australian retirees, overseas travel features prominently in their retirement plans. If you're a SMSF trustee however, and you intend to travel for extended periods, or even live outside … [Read more...]

New penalties for SMSF trustees from July 2014

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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...]

SMSF trustee declaration: a quick guide

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When setting up your SMSF, you must sign a SMSF trustee declaration that confirms you understand the responsibilities and duties involved in running a SMSF. In late 2012, the ATO made 3 significant changes to the SMSF trustee declaration, reflecting significant changes in the super laws affecting … [Read more...]

Oops! Top 10 SMSF boo-boos

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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...]

Are SMSF audits too expensive? (updated figures)

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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...]

Aged care a consideration for SMSF trustees

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The Aged Care reforms due to come into effect on 1 July 2014 will see retirees paying more for their admission to, and ongoing care in, aged care facilities. The bottom line is that the cost of aged care will increase, particularly for part pensioners and self funded retirees. The aged … [Read more...]

SMSF pensions: Stick with original tax-free and taxable components

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Q: I recently read your book on DIY Super for Dummies and picked up a number of useful hints. Thanks for writing it. My wife and I have only recently established a SMSF and are on a steep learning curve. We are in the pension phase. Both of us have a large tax-free component and a smaller taxable … [Read more...]

Retirement and tax: What are the minimum pension payment rules?

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Q: I am 63. I want to retire next year but I am not sure if I want to access my super benefits yet. I have heard that when I retire, I must withdraw some super benefits each year, otherwise I won’t receive tax-free super benefits. Can you please clarify the rules for me? A: You question is really … [Read more...]

SMSF investment: Can we sell fund assets to members?

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Q. We understand that SMSFs cannot purchase property from members. What we want to know is whether members can purchase property owned by the SMSF, providing fair market valuation is paid for this? Does the valuation need to be established through a valuation, or is an appraisal sufficient? Our SMSF … [Read more...]

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