Common errors SMSF trustees make with their annual returns
If you want to stay on the right side of the ATO and avoid costly penalties, it pays to review its list of common mistakes made by SMSFs when lodging their annual return.
Articles by Garth McNally
Buying property in an SMSF Q&As: Part 1
Holding real property in an SMSF is a popular strategy, but the rules can be confusing. We answer some common questions from our readers.
TBAR: Transfer balance account reporting for SMSFs
Understanding the transfer balance account rules, including timing and transaction reporting, is extremely important for SMSF trustees..
What happens if I don’t pay the minimum pension from my SMSF?
Adverse tax and compliance outcomes can occur if you fail to take your minimum pension payment each year. Don’t get caught due to poor SMSF administration.
SMSF pension strategy: Lump sum payments
With restrictions on the amount you can use to start a pension, understanding how you can then access these funds has become an even more important issue.
Transition to retirement Q&As: Part 2
How TTR pensions work, additional contributions, trust deed requirements, TTRs and tax.
Q&A: How do I ensure a lump sum is taken from the right pension account?
Q: Myself and my husband both 72 have an SMSF. We both have 3 individual pension accounts in our fund. I have paid out the required minimum amounts for this year as per our accountants’ instructions.
Transition to retirement Q&As: Part 1
There’s growing awareness that TTR pensions can be used to achieve a variety of tax and other outcomes. Here we answer some recent questions from our readers.
Q&A: Must super be paid out of an SMSF after the death of a spouse?
Q: If you and your wife are retired and have an SMSF, what happens when one of you dies? Can you keep the money in the SMSF for the other person to still live off if you are the only person on the binding death nomination? Or does it need to get paid out of the SMSF?
Transition-to-retirement strategies
A TTR pension not only offers greater work-life balance, but it can also open up potentially beneficial strategies and opportunities.
Q&A: What are the benefits of spouse super equalisation strategies?
Q: Nikki asks, I would like to understand what the benefit is for my husband to withdraw funds when he turns 60, and then I reinvest the funds back in my name.
Buying property in an SMSF
From the compliance requirements to the strategic opportunities, this webinar will also include an attendee Q&A Session.
Non-arm’s length expenditure (NALE) rules for SMSFs
Don’t know your NALE from your NALI? Failure to attend to both can lead to some gnarly tax outcomes.
Can I live in my SMSF property?
It’s a common question which is generally answered with a firm no, but there are exceptions to the rule.
Preservation age and transition-to-retirement pensions align
The stars have aligned for the preservation age and tax-free super payments, reigniting interest in TTR pensions.
Q&A: How do I start an SMSF pension while leaving other members in accumulation?
Q: I am keen to understand how to move one member of an SMSF from accumulation phase to a benefit paying phase, while the remaining members continue in the accumulation phase.
Director Identification Numbers: What is required for SMSFs
If you are planning to set up your own self-managed super fund with a corporate trustee, then you will need to add applying for a Director ID to your administrative to-do list.
Transition-to-retirement pensions: The BOOM is coming
With upcoming changes to both superannuation and tax laws, there is likely to be a huge uptake in the use of transition to retirement pensions.
