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SMSF compliance

Set out below are all SuperGuide articles explaining SMSF compliance.

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

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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?

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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

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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

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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 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...]

New rules: SMSFs and life insurance

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Q: I am a self-employed businessman with my own SMSF. I would like to know if I can arrange insurance (s), for example, death cover etc through my fund with the premiums paid from the fund. Could you recommend any companies that may supply these services? The short answer to your first question … [Read more...]

How can a SMSF live forever?

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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...]

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...]

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...]

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...]