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: When you retire, you … [Read more...]
In late 2012, the Australian Tax Office undertook a review of the SMSF trustee declaration and the associated fact sheet (Self-managed super funds – key messages for trustees), and made significant changes to both documents. All new SMSF trustees must complete and sign the SMSF trustee … [Read more...]
Note: In late 2012, the Australian Tax Office undertook a review of the SMSF trustee declaration, and released a revised declaration and revised the accompanying key messages. All SMSF trustees should take a few moments to revisit the declaration, in particular, the 3 main changes to the … [Read more...]
The Australian Tax Office is worried about SMSF trustees and property investing. Although the ATO doesn’t express it in this way, the SMSF regulator is particularly worried about the sheer weight of money controlled by SMSF trustees, and a bit edgy that this financially powerful group of people … [Read more...]
Effective from 2013/2014 year, the ATO supervisory levy for self-managed superannuation funds is set to jump again, increasing to $259 a year. The Government announced this levy hike as part of the 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO), released on 22 October 2012. You can also … [Read more...]
Q: My wife and I purchased a licensed post office and freehold from Australia Post in the 1990s. In addition to the licence, we acquired one title with one building (part is leased to a commercial tenant and part we use to run the post office. A freestanding shop was added in 2000. The value of … [Read more...]
Q: Could you please advise me if the 45-day holding rule applies to shares held in a SMSF when the fund has accumulated less than $5,000 in franking credits during the entire financial year? A SMSF must hold company shares for at least 45 days (plus the day of purchase and day of disposal) to be … [Read more...]
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...]
Q: Can a SMSF buy/sell call/put options? I understand that CFDs are not permitted because it breaches the charge over asset regulation. However, is that true that options are derivatives and in giving shares as a collateral (when writing options) to the Options Clearing House, it will treated … [Read more...]
Each year, the ATO publishes 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...]
Read this article to discover the new rules in place for SMSF trustees, and discover what you can do to ensure your SMSF operates within the super laws. New rules are now in place for self-managed super fund rules forcing SMSF trustees to take special care when considering a fund’s investment … [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 top compliance mistakes made by SMSF trustees. This article contains data up to 30 June 2011 (latest available as at May 2012). The next update, for compliance data up to 30 June 2012, will be available in April 2013. The ATO has published the top 10 … [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...]
Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $6,544. I only withdrew $6000 and can catch up this year. Is this a reportable breach to the Tax Office? For the benefit of other SuperGuide readers, I’ll first explain the background to your … [Read more...]
