SMSF compliance
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Which SMSF expenses are tax deductible?
The expenses associated with running your own super fund can add up, so it’s important to understand which expenses you can, and can’t, claim as a tax deduction.
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Dealing with an ATO breach notice for your SMSF
If your SMSF comes to the attention of the ATO for the wrong reasons, don’t panic; swift remedial action is generally the best policy.
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How to avoid getting caught in the in-house asset trap
Falling foul of the in-house asset rules can be a costly mistake for SMSFs and continues to be a tricky area for trustees.
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Can my SMSF loan money to me or my business?
Loans made by your SMSF are the exception, not the rule, and getting it wrong can be costly.
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SMSFs and insurance: Rules and considerations
Even if you have life insurance outside super or in a pre-existing fund, SMSF trustees are still required to consider their insurance strategy.
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What are the penalties for SMSF non-compliance?
SMSFs offer a high degree of flexibility and control over your retirement savings, but there are legal guardrails and hefty penalties for trustees who breach them.
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What laws do SMSFs need to adhere to?
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.
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Legacy pension relief for SMSFs
Proposed changes to legacy pensions will make it much easier to switch to newer, more flexible products without some of the previous hurdles and restrictions.
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Can you be your own SMSF accountant?
One way to lower your costs as an SMSF trustee, if you have a head for numbers and infinite patience, is to lodge your SMSF accounts yourself.
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What is the sole purpose test, and how does it work?
As the name suggests, the savings you accumulate in super are meant to be for one purpose only. Straying from that purpose can be costly.
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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…
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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.
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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.
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Getting ATO advice for your SMSF: Rulings and fund specific advice
If you’re unsure how the SMSF rules and regulations might apply to your fund, it’s worth going direct to the horse’s mouth – that is, the ATO.
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SMSF audits: Fees and guidelines
An annual audit is one of the necessary tasks associated with running an SMSF, but it can save trustees from inadvertent and costly breaches of the rules.
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Running multiple SMSFs: What are the pros and cons?
Deciding to run two or more SMSFs has both pros and cons, so you need to weigh them carefully and ensure it’s the right strategy for your personal situation.
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In-specie transfers out of an SMSF
There are many reasons you may want to transfer an asset out of your super fund into your own name, but there are processes you need to follow.
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What are the SMSF residency requirements?
Proposed legislation will relax the residency rules for SMSF members, but until then it pays to understand the current rules before heading overseas for an extended stay.
