The third article in our SMSFs and Property series looks at the all-important compliance requirements and considerations for SMSFs that own direct property. Read more.
The third article in our SMSFs and Property series looks at the all-important compliance requirements and considerations for SMSFs that own direct property. Read more.
If you want to get your SMSF shipshape for June 30, then get cracking now. Read more.
If you want to get your SMSF shipshape for June 30, then get cracking now. Read more.
Understanding the transfer balance account rules, including timing and transaction reporting, is extremely important for SMSF trustees.. Read more.
Understanding the transfer balance account rules, including timing and transaction reporting, is extremely important for SMSF trustees.. Read more.
SMSFs in pension phase need to be extra careful when setting their pension payments for 2023-24, as minimum drawdown rates double from 1 July. Read more.
SMSFs in pension phase need to be extra careful when setting their pension payments for 2023-24, as minimum drawdown rates double from 1 July. Read more.
As my SMSF balance is about double the TBC how does proportioning of the income work in the portions that are separated into Pension phase and Accumulation phase? I am… Read more.
As my SMSF balance is about double the TBC how does proportioning of the income work in the portions that are separated into Pension phase and Accumulation phase? I am… Read more.
Sally manages her own SMSF of which she is the only member. The fund is in accumulation phase and is made up of 1/3 tax-free component and 2/3 taxable component. Read more.
Sally manages her own SMSF of which she is the only member. The fund is in accumulation phase and is made up of 1/3 tax-free component and 2/3 taxable component. Read more.
I’m 61 years old and still working. I would like to start a Transition to retirement pension. Do I need to complete a TBAR to notify the ATO and how… Read more.
I’m 61 years old and still working. I would like to start a Transition to retirement pension. Do I need to complete a TBAR to notify the ATO and how… Read more.
SuperGuide members Q&A: June 2023
Thursday 22 June 2023 at 11:00 am AEST
In this webinar super expert Garth McNally will answer recent questions from SuperGuide members.
- Value your fund’s assets at 30 June for your annual tax return. Listed assets are valued at their closing price on 30 June. If you have real property in your SMSF, given the volatility in the real estate market over the past 12 months on the back of rising interest rates, you may want to consider an independent valuation if you feel the value has materially changed. Collectables also need an independent valuation when you are disposing of them. The ATO also says that “it may be wise” to seek an independent valuation for some other assets – such as unlisted securities and unit trusts – if the valuation of the investment is likely to be complex.
- Make sure ALL contributions for the current financial year are received by 30 June. In most cases, these amounts need to be physically received by the SMSF Trustees.
- Make sure that ALL pension payments have been paid out from the SMSF by 30 June. This requires actual payment of these amounts; they can not be accrued.
- Finalise prior year contribution splitting applications by 30 June. Concessional contributions that were made in the prior financial year and subject to a contribution splitting arrangement should be reallocated by 30 June.
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.
