SMSF compliance
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Q&A: Does the sole purpose test become redundant when you’ve retired?
When the sole surviving or even the youngest member of the fund finally turns 65, does the sole purpose test then become redundant?
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Q&A: What happens to my SMSF if I travel or move overseas?
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…
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SMSF compliance: What are trustees’ responsibilities?
SMSFs provide members with a high degree of control and flexibility, but there are strict rules attached.
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SMSFs and non-arm’s-length income (NALI)
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.
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SMSF investment rules: What every trustee should know
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.
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SMSFs: What to do if you get a breach notification from the ATO
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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The arm’s length rule for SMSFs
Self-managed super funds are generally a family affair, but “mates rates” for fund transactions or business dealings are strictly off limits.
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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.
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What work can I do for my SMSF and can I be paid?
There are strict rules governing paid work you can and can’t do for your SMSF. Getting it wrong can be costly.
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SMSF estate and succession planning: What’s the difference?
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.
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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.
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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.
