Working with the ATO might be the best course of action if your SMSF receives a breach notice.
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Younger retirees might like to consider moving their funds back into accumulation phase for the time being.
The following checklist will help you get on top of everything that needs to be when starting an SMSF pension.
One of the benefits of having a self-managed superannuation fund (SMSF) is its ability to pay members an income stream, or account-based pension. Of course any superannuation fund can do this, but paying a pension from an SMSF offers members more control and flexibility.
SMSF trustees have a lot of laws they need to be aware of if they don’t want to cop a thousand-dollar fine. Here, we go over the main Acts that mention superannuation and SMSFs.
Self-managed superannuation funds offer members some useful advantages when it comes to paying pensions. One such benefit refers to the treatment of income earned on assets that are supporting a pension, called exempt current pension income or ECPI.
A health check of your SMSF’s investment strategy could help improve your fund’s performance.
The minutes from trustee minutes are very important documents for your SMSF. Your auditor will examine them carefully every year and if your fund is ever randomly examined by the ATO, you will be in a much better position if you have comprehensive minutes around all major decisions made for the fund.
Trustees who conduct services for their fund for free could find the income of their SMSFs is taxed at a much higher rate under proposed changes to the interpretation of NALE.
On 1 July 2017, the transfer balance cap was introduced for Australians in retirement. Find out how it works and whether it impacts you.
The bushfires in Australia have ravaged millions of hectares, left thousands of people homeless and killed millions (if not billions) of native animals. The devastation has left many retirees in bushfire-prone areas wondering what is an appropriate level of home and contents insurance.
There are many reasons why you might choose to wind up your self-managed superannuation fund (SMSF) – you’ve retired and you’re not taking a pension, you don’t have the time to manage it efficiently anymore, or a trustee might have passed away – but, just like starting a SMSF, there is a proper process to go through.
If you have a reasonable knowledge of accounting and administration software, you might want to handle your own SMSF accounts. We look at what’s involved to give you a better idea if it’s for you.
Part of the responsibilities of being a trustee for your self-managed superannuation fund include taking and keeping trustee minutes that keep a record of all major decisions made by the fund. So what exactly needs to be minuted and what should it look like?
If you’re selling a small business, you’ll need to know what the small business retirement exemption is, whether you’re eligible and how you claim it.