One of the attractions of running your own SMSF is the wide range of investments open to you and the control you have over them, but that doesn’t mean it’s open slather. There are rules you need to follow.
How not to get caught in the in-house asset trap
Breaking the rules regarding In-house assets can be costly, so it pays SMSF trustees to understand what they are and how to avoid costly penalties.
Running multiple SMSFs: What are the pros and cons?
Although it’s legal to have more than one SMSF, there are important pros and cons you need to consider before taking the plunge.
Guide to SMSFs and insurance
SMSF trustees regularly need to assess whether each member of their fund has an appropriate level of insurance. In this article we look at whether there are benefits having insurance inside your SMSF rather outside your super fund.
A step-by-step guide to valuing tricky assets
SMSFs are required to value their assets at market value every financial year, this is easy enough for listed assets, such as equities, but it’s not so straightforward for unlisted assets like commercial property or collectibles.
What are the SMSF residency requirements?
SMSFs must pass residency requirements at all time to be eligible for the tax concessions that are available under Australian superannuation legislation.
Guide to SMSF trust deeds
An SMSF trust deed is a legal document that outlines how the fund will be set up and how it will operate. An Australian SMSF must be established with a trust deed that is compliant with Australian superannuation legislation.
SMSF Q&As with the ATO: COVID-19 special
Dana Fleming, Assistant Commissioner of the SMSF Segment at the ATO, provides useful insights for SMSF trustees about current issues such as the early release of super process, providing rental concessions for tenants and the change to the minimum pension drawdown rates.
SMSF compliance: What are trustees’ responsibilities?
SMSF trustees are legally obliged to ensure their fund’s compliance with superannuation legislation in Australia. The ATO imposes a range of penalties for non-compliance, depending on the seriousness of the breach.
SMSFs: What to do if you get a breach notification from the ATO
Working with the ATO might be the best course of action if your SMSF receives a breach notice.
What laws do SMSFs need to adhere to?
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.
What SMSF trustees need to know about non-arm’s length expenditure (NALE)
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.
The arm’s length rule for SMSFs
The concept of ‘arm’s length’ is familiar to businesses the world over. To ensure business transactions are conducted at commercial market values buyers and sellers must act independently, without colluding and without one party influencing the other. So how does this concept apply to your SMSF?
What are the penalties for SMSF non-compliance?
It’s a rare person who enjoys paperwork. But for trustees of a self-managed super fund, it’s a necessary evil. Find out what penalties apply if your fund isn’t set up and managed to comply with superannuation and taxation legislation.
What is the sole purpose test, and how does it work?
All super funds (including SMSFs) must satisfy the sole purpose test to be eligible to receive the tax concessions available under Australian superannuation legislation. We take a look at how the sole purpose test is administered and how you can ensure your SMSF meets the requirements.