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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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.
The ATO has increased scrutiny of SMSFs and common areas of non-compliance with superannuation law, and the penalties for getting it wrong can be substantial.
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.
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.
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.
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.
We have a real estate property in our SMSF that is rented out and passes the sole purpose test. Our fund is only two members, my wife and I. When we retire, does an asset like this need to be liquidated, or could the members take possession of the property?
Can contributions be accepted by a newly established (SMSF) fund whose status is “Pending” on the Super Fund Lookup.
I would like to know if there are any
restrictions or conditions I have to be aware of regarding travelling overseas for extended periods of time in retirement. When I turn 70 next year I will stop working and will open an account-based pension income stream and will set up an SMSF. Then I want to start travelling.
SMSFs provide members with a high degree of control and flexibility, but there are strict rules attached.
Don’t know your NALE from your NALI? Failure to attend to both can lead to some gnarly tax outcomes.
Non-arm’s length income is coming under increased scrutiny by the Tax Office and penalties can be steep, so it pays to understand how to stay on the right side of the law.
There are pros and cons to weigh up before you purchase insurance through your SMSF, so it’s important to understand the rules.
Penalties for SMSF breaches rose on 1 January 2023 so it’s now more important than ever to make sure your SMSF is doing the right thing.
The new federal government recently announced it plans to legislate an objective for super. Until then, the sole purpose test is the light all super fund trustees must steer by.
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.
Self-managed super funds are generally a family affair, but “mates rates” for fund transactions or business dealings are strictly off limits.
Getting in-house asset rules wrong could cost you and your SMSF thousands of dollars but they continue to be one of the most common contraventions made by trustees.
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