SMSF compliance

Set out below are all SuperGuide articles explaining SMSF compliance.

Liberals to ban anti-detriment payments from July 2017

On 3 May 2016 (2016 Federal Budget), the Coalition government announced that it intends to abolish the anti-detriment provisions from July 2017.From 1 July 2017, subject to legislation, a super fund will not be able to pay a refund of a member’s lifetime superannuation contributions tax payments … [Read more...]

SMSF advice: Is your accountant still allowed to help your fund?

Being the trustee of a self-managed super fund can be a challenging task at times, and most people need a bit of help at certain stages when running a SMSF, particularly when a decision, or strategy, requires financial advice. Traditionally, many Australians have turned to their accountant for … [Read more...]

SMSF trustees: Is your employer and fund ready for SuperStream?

Update:  Employers with 19 or fewer employees had a deadline of 30 June 2016 to be set up for SuperStream , but on 22 June 2016, the ATO extended this deadline to 28 October 2016. Note that employers with 20 or more employees were required to be set up for SuperStream by 30 June 2015, and this … [Read more...]

SMSF reminder: Stricter rules for artwork and other collectibles from July 2016

If you hold artwork, antiques, coins, or other collectibles within your self-managed super fund, then you need to be aware of new rules regarding storage and insurance that originally came into effect from July 2011, and will reach their full effect from July 2016.The new rules, taking full … [Read more...]

Government’s green light on SMSF borrowing, with conditions

On 20 October 2015, the Liberal government confirmed that SMSF borrowing, through the use of limited recourse borrowing arrangements, continues to remain a legitimate financing option for SMSFs. Note that in April 2016 however, the ATO released guidelines flagging the expected demise of LRBAs … [Read more...]

SMSF borrowing: Fix related party LRBAs by 31 January 2017, or risk 47% tax

Note: This article deals specifically with SMSF limited recourse borrowing arrangements (LRBAs) financed by related parties, rather than financial organisations. For fixing related party LRBAs, the ATO has extended the final date to 31 January 2017 (previously 30 June 2016). If you’re seeking … [Read more...]

SMSF investment: Borrowing to invest can be the means, not the end

As a property and share investor for nearly 30 years, I believe the use of borrowing can be a legitimate means to purchase assets, but gearing is not an investment in itself: it is simply a means to invest with associated costs and extra risk.Over the years, I have spoken to thousands of … [Read more...]

10 super planning tips for 2015/2016 year-end

Although many people are still reeling from the unexpected superannuation announcements in the 2016 Federal Budget, it’s important to note most of the planned changes will not affect your superannuation decisions for the 2015/2016 year. The Superannuation Guarantee (SG) rates remain the same, … [Read more...]

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

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: Your question is … [Read more...]

SMSF pension: What happens if I don’t withdraw the annual minimum pension payment?

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?For the benefit of other SuperGuide readers, I’ll first explain the background to your … [Read more...]

SMSF borrowing: Investing in property (what’s OK and NOT OK)

If you run a self-managed superannuation fund, you can invest in all types of real property, including residential property, commercial property, industrial property and even a farm (under certain circumstances).Before September 2007, the capacity to use borrowed money to purchase an SMSF asset, … [Read more...]

SMSFs and joint property purchases need expert advice

Q: A SMSF purchases a property in joint names – between the two trustees as joint tenants and the SMSF (tenants in common). The conveyancing document says the title statements show the ownership as 60% SMSF and the Trustees 40 % . However the trustees have used 79% of the SMSF funds to purchase the … [Read more...]