Q: I’ve just finished reading DIY Super For Dummies and found it really helpful. What interested me was the borrowing options for SMSFs. We already own a property in our fund and we are looking at using borrowings for financing our next fund purchase. In your book, you mention a joint venture to invest in property with ... Read more
SMSF basics: Can my DIY super fund buy my residential investment property?
Q: I own a residential unit as an investment property as a personal investment. I would like to keep this unit as long as possible. The unit is a safe income stream and a safe haven against market uncertainty. However, if I have to sell it later, I won’t be able to put the money into my SMSF because of the work test ... Read more
SMSFs surge towards 600,000 controlling $700bn in assets
Note: We regularly update this article with the latest data on superannuation funds issued by the Australian Prudential Regulation Authority (APRA). This article contains the latest statistics available, as of September 2017 (for data as at June 2017).Close to 600,000 self-managed super funds (SMSFs) are now in ... Read more
SMSF basics: Can my DIY super fund borrow money?
The general rule is that your super fund can’t borrow money, although like all rules the ‘no borrowing’ rule has some exceptions. SMSF trustees need to understand the difference between direct borrowing and indirect borrowing and the special rules that apply to each exception.A relaxation of the super rules in 2007 ... Read more
SMSF investment: What assets do DIY super trustees prefer?
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) released by the Australian Taxation Office. This article contains the latest data available up to September 2017 (for data on SMSF growth as at June 2017, and for asset allocation data as at March 2017).Each ... Read more
Do you fit the latest profile of a ‘typical’ SMSF trustee?
Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) issued by the Australian Taxation Office. This article contains the latest data available as of September 2017 (for data as at March 2017, and in some instances, June 2017).The latest ATO statistics on SMSFs ... Read more
SMSF investment: Can my DIY super fund invest in property directly?
Q: I am interested in setting up a self-managed fund. I would like to know more about the rules for purchasing property in a super fund, and whether it is possible to use borrowings to do so.A: A self-managed (DIY) super fund can invest in all types of property, including residential, commercial, industrial, and ... Read more
SMSF advice: Is your accountant still allowed to help your fund?
Being the trustee of a self-managed super fund can be a challenging task at times, and most people need a bit of help at certain stages when running a SMSF, particularly when a decision, or strategy, requires financial advice. Traditionally, many Australians have turned to their accountant for assistance, but ... Read more
Concessional contributions: What form do I use to claim a tax deduction?
Q: I want to make a tax-deductible super contribution to my super fund, in this case, a SMSF, although I also have a super account with an industry fund. I am trying to find the official form for claiming this type of deduction. Could you lead me to a link where I could find a generic S290-170 notice of intent to ... Read more
Employees can now make tax-deductible super contributions (since July 2017)
Note: The option for employees to make tax-deductible super contributions became law on 29 November 2016, and took effect from 1 July 2017.As an employee, the general rule when making super contributions is, you can take advantage of the concessional (before-tax) contributions rules by salary sacrificing, or by ... Read more
Super for beginners: 8 steps to super success
Merely thinking about your super means you’re straddling the first major hurdle that most Australians face when planning (or not) for their retirement and looking into your future.As an employee, you have your employer helping you with your retirement plans by making compulsory super contributions.If you’re ... Read more
Super for beginners: Top 10 must-know facts
Just over eight years ago, in January 2009, we launched the SuperGuide website, and in March 2009 we published the first monthly SuperGuide newsletter. Since that time we have received thousands of questions, from our millions of visitors, on different aspects of superannuation. We try to represent as many questions as ... Read more
