SMSF trustee declaration: a quick 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
The ATO has published the top 10 compliance mistakes that SMSF trustees make when running their self-managed super funds. The list is based on the general type of contraventions reported by SMSF auditors since the start of contravention reporting in 2005.
SMSFs: Can I transfer my life insurance to my DIY super fund?
Q: I have searched the web and the ATO site to determine if we can have our SMSF pay life insurance for members. I am unable to find whether these things are arm’s length in regard to existing policies or not.
SMSF basics: Trish’s 10 commandments of DIY super
If you’re running a self-managed super fund, then you’re obviously aware that being a SMSF trustee/member is a very different experience to belonging to a large super fund. In a large super fund, someone else looks after your superannuation benefits.
Is your SMSF due for a super service?
If you run a self-managed super fund (SMSF), then you belong to an influential group that controls a third of all superannuation money held in Australia, and collectively owns nearly 10% of the Australian sharemarket!
SMSF investment: Trading shares is OK
Q. How often or by what criteria can you buy and sell listed shares to obtain a financial gain without being classed as a trader? I understand the trader/investor criteria outside the fund and the tax treatment but is it any different inside the fund?
SMSF investment: overseas property
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 form to do this?
SMSFs: Can I purchase health insurance within my DIY super fund?
Q: I have searched the web and the ATO site to determine if we can have our SMSF pay health insurance premiums for members. Can we buy health insurance for fund members? The short answer is no. Health insurance cover is not considered to fit within the definition of the sole purpose test.
SMSFs: Trauma insurance is now OK says ATO
Q: Can I purchase trauma insurance within my DIY super fund? Yes, based on a SMSF Determination issued by the Australian Taxation Office during April 2010. Quoting directly from SMSFD 2010/1: 1. Yes, a trustee can still satisfy the sole purpose test provided any benefits payable under the policy…
