Losing capacity: The issues for SMSF trustees and what you need to do
None of us likes to think about losing mental capacity, but failure to plan for the possibility can have a major impact on the running of your SMSF and its other members.
Home / SMSF compliance / Page 2
None of us likes to think about losing mental capacity, but failure to plan for the possibility can have a major impact on the running of your SMSF and its other members.
There are strict rules governing paid work you can and can’t do for your SMSF. Getting it wrong can be costly.
If you have a self-managed super fund (SMSF) with a corporate trustee, then you need to be aware of the new requirement to apply for and obtain a Director Identification Number (Director ID).
An annual audit is one of the necessary chores associated with running an SMSF, but it can save trustees from inadvertent and costly breaches of the rules.
When planning who gets what when you die, many people forget about their SMSF. It’s not just about the distribution of fund assets, but who’s in control.
SMSF members will be able to exit old-style pensions for new if this Budget measure comes to pass.
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.
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.
SuperGuide is Australia’s leading superannuation and retirement planning website.
Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629.