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.
Running your own self-managed super fund has many benefits. But unless you have a high degree of SMSF and investment knowledge, as well as plenty of time available to manage your fund, you’re likely to need some professional help. Here we look at the factors you’ll need to consider before you choose a provider.
SMSFs provide members with a high degree of control over their retirement savings, but with that control comes responsibility. Here we look at the administrative, reporting and record-keeping obligations that trustees need to complete to ensure their fund complies with superannuation and taxation legislation.
While many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To help SMSF trustees navigate this tricky area we’ve compiled a checklist to help you work out if your accountant is the right person to ask for help.
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.
There’s debate in the SMSF sector as industry stalwarts question figures published by ASIC that suggest it costs $13,900 a year to run a DIY fund.
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?
It’s an idea to do a regular cost benefit analysis to ensure if you have an SMSF, it’s still the right way for you to structure your assets.
Breaking up can be hard to do, it can also be financially costly. If you share an SMSF, then you will need to split your assets. Here’s what you need to know.
Single touch payroll (STP) reporting is a streamlined way for employers to provide the Australian Taxation Office (ATO) with payroll information, that is, pay as you go (PAYG) withholding and superannuation guarantee information.
SMSFs offer members lots of benefits, including a great degree of control over investments and some tax advantages. Many members love them, however some also realise after a number of years that maybe an SMSF isn’t the right superannuation solution for them.
A recent court case, known as the Narumon case, demonstrates how important it is for self-managed super fund (SMSF) trustees to ensure their documentation is up-to-date, and that binding death benefit nominations are valid.
SMSF trustees are legally obliged to have their fund audited by an independent SMSF auditor to ensure their ongoing compliance with Australian super legislation. The ATO can impose a range of penalties for non-compliance, depending on the seriousness of the breach.
Self-managed super funds (SMSFs) are not a set-and-forget proposition. They require constant tweaking at different life stages to ensure they still suit members’ retirement needs. Here, we explore some of the factors trustees should consider as members progress through their lives.