SMSF compliance

Set out below are all SuperGuide articles explaining SMSF compliance.

New penalties for SMSF trustees from July 2014   Super Guide

From July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.

SMSF trustee declaration: a quick guide   Super Guide

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.

Oops! Top 10 SMSF boo boos   Super Guide

The ATO has published the top 10 compliance mistakes that SMSF trustees make when running their self-managed super funds.

Are SMSF audits too expensive? (updated figures)   Super Guide

Q: SMSF auditors and administrators are charging rather high audit fees, perhaps because of the mandatory nature of these audits.

Aged care a consideration for SMSF trustees   Super Guide

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.

SMSF pensions:  Stick with original tax free and taxable components    Super Guide

Could you please tell me whether our SMSF pension fund earnings are tax free, taxable or are split in the same taxable/tax free proportion as existed when the pension phase began?

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

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.

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?

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?

Q: I am interested in setting up a self-managed fund. I would like to know more about the rules for purchasing property in a super fund, and whether it is possible to use borrowings to do so.