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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.
SMSFs (Self-managed super funds)
A Super Guide
As if superannuation wasn’t complex enough, when you have a self-managed superannuation fund you take on considerably more responsibility, and it’s essential therefore to have a comprehensive understanding of the current super and SMSF rules.
In this section you will find detailed explanations of the SMSF rules and the responsibilities for SMSF trustees.
- SMSFs for beginners
- SMSF costs
- SMSF administration
- SMSF compliance
- SMSF investment
- SMSF pensions
- SMSF borrowing
- SMSF checklists
- SMSF Q & As
Set out below are key SuperGuide articles relating to SMSFs:
Set out below are all SuperGuide articles that relate to SMSFs (Self-managed super funds).
Income alternatives to bank shares
Self-managed super fund (SMSF) investors were left reeling after three of the big four banks slashed dividends across the board, with ANZ and Westpac suspending theirs altogether and NAB cutting its by 64%. CBA has said it won’t make a final decision on its dividend until August when it reports its full year results.
Does a core and satellite strategy still work? Two perspectives…
A core and satellite asset allocation strategy is one of the most popular ways to invest. But does it still make sense when markets are falling?
Bank dividends are bare. Here’s why some shareholders hate it more than they should
In bad news for retirees and others who depend on dividend cheques (and dividend imputation rebate cheques from the Tax Office) bank dividends have largely evaporated. But it’s not as bad as many commentators suggest, and actually good for some investors.
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.
Learn more about SMSF administration in the following SuperGuide articles:
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Learn more about SMSF compliance in the following SuperGuide articles:
Learn more about SMSFs in the following SuperGuide articles:
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Time in the market not timing the market
When markets fall by as much, and as quickly, as they have recently, it’s easy to conclude that it’s time to move all your assets into the safe haven of cash or something tangible like property. For those nearing retirement, these kinds of concerns are even more heightened, as many trustees watch money they thought they would have to live on in retirement, dwindle overnight.
Everything SMSF trustees need to know about rebalancing
Market volatility should prompt a look at asset allocations and the potential need to rebalance investments.
The Superannuation Standard Choice Form explained
If you want to exercise your right to choose a super fund, you must complete the Standard Choice Form that your employer gives you, and return it to your employer.
Learn more about choosing a super fund in the following SuperGuide articles:
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.
Learn more about how to manage your SMSF in the following SuperGuide articles:
Learn more about setting up an SMSF in the following SuperGuide articles:
Learn more about SMSF basics in the following SuperGuide articles:
The SMSF trustee declaration explained
An SMSF trustee declaration is an Australian Taxation Office (ATO) document that summarises the duties and obligations of an SMSF trustee or director.
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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.
SMSFs: What is an actuarial certificate?
An actuarial certificate is a document prepared by an actuary that certifies how much of a self-managed super fund’s earnings are derived from its members’ accumulation phases and how much from retirement phases. This information has tax implications. It is used to claim exempt current pension income (i.e. tax-exempt earnings) in the fund’s annual tax return.
SMSF annual admin checklist
Want to avoid an SMSF penalty? Make sure you use our annual admin checklist.
Learn more about SMSF checklists in the following SuperGuide articles:
Top 5 mistakes SMSF trustees make with their annual returns
Keep on top of these potential mishaps with your annual return and you should be able to avoid the ire of the regulator.
Your SMSF calendar
SMSF trustees have a lot to remember. Along with trustee meetings and minutes, trustees need to keep up to date with current superannuation legislation and review their investments regularly. There are annual returns to lodge, auditor reports to arrange and actuarial reports to book as well if your SMSF is paying a certain kind of pension.