How to add a new member to your SMSF
Now that SMSFs can have six members instead of four, here’s a refresher on the process involved in adding new members and some of the issues to weigh up.
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Penny has nearly two decades experience of writing, reporting and editing financial services publications for both institutional and retail readers. She has contributed to, and edited, the Money Section of the Sun Herald and The Sunday Age.
She has written for the Australian Financial Review and the Sydney Morning Herald, the Cooperative Research Centres Association publication KnowHow Magazine, JMoney, In The Black and Global Investor.
Now that SMSFs can have six members instead of four, here’s a refresher on the process involved in adding new members and some of the issues to weigh up.
Financial advice reforms, SMSF trustees disqualified, Super for housing plan criticised, Australian Super’s new lifetime income product, Greenwashing conviction, Focus on super fund expenses.
Even if you outsource many of your fund’s administrative tasks, SMSF trustees still need to stay on top of super laws to avoid potentially large fines.
Super on parental leave, aged care report, retiree budgets squeezed, SMSF illegal access soars, purpose of super endorsed, scams decrease.
Super scams are increasingly sophisticated and on the rise so it pays to learn how to detect and avoid them.
From checking your eligibility for the Age Pension to understanding your life expectancy, avoiding these common mistakes could give your retirement income a big lift.
Many SMSF trustees use this simple approach to help create a diversified investment portfolio.
Calls for simpler retirement solutions, better SMSF record keeping, and improved super fund compliance and transparency; and more SMSF auditors disqualified.
As scammers get more sophisticated, SMSF trustees need to be increasingly vigilant to make sure they don’t lose their hand-earned savings.
Keep on top of these five tasks if you want your SMSF to enjoy the valuable tax concessions you signed up for.
Scam-related complaints at record levels, SMSF penalties for non-compliance set to rise again, Super Consumers Australia gets government funding, Northern Trust Asset Management fined for misleading investors, Loose diamonds not collectable assets, Draft legislation released for climate reporting.
New super fund data confirms largest super funds, Focus on retirement income, access to advice and super performance tests; ATO scam alert; Retirees’ cost of living increases; Funds fined for fees for no service.
ASIC ramps up compliance action, AustralianSuper to vote against Origin offer, and super balances less than comfortable.
Take-up of six-member funds is small but growing due to the unique opportunities they can offer.
The Federal Government has opened consultation on payday super and introduced draft legislation for its new super tax.
An increased risk of bushfires this summer means you need to make sure you have enough insurance in place to cover any losses.
Investing in international shares has never been easier, but it’s important to understand the potential impact of currency fluctuation on your investment returns and how to mitigate the risks.
AustralianSuper fails multiple account holders, Draft super objective, ART begins CEO search, Experience counts for advisers, Tax trap for super switchers, Retirement outcomes in ASIC’s sights.
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