Set out below are all SuperGuide articles that relate to SMSF compliance.
What is the sole purpose test, and how does it work?
For all its complexity, super boils down to one simple goal. Lose sight of that goal, and the ATO will come knocking.
What SMSF trustees need to know about non-arm’s length expenditure (NALE)
The ATO has clarified its position on non-arm’s length income and expenditure, and the cost of getting it wrong.
Running multiple SMSFs: What are the pros and cons?
Although it’s legal to have more than one SMSF, there are important pros and cons you need to consider before taking the plunge.
SMSFs: Legacy pension relief at long last
SMSF members will be able to exit old-style pensions for new if this Budget measure comes to pass.
What are the SMSF residency requirements?
Proposed changes in the 2021 Budget will level the playing field for SMSFs with members who move overseas.
How not to get caught in the in-house asset trap
Breaking the rules regarding In-house assets can be costly, so it pays SMSF trustees to understand what they are and how to avoid costly penalties.
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.
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.
SMSFs: What to do if you get a breach notification from the ATO
Working with the ATO might be the best course of action if your SMSF receives a breach notice.
Can my SMSF loan money to me or my business?
There are a number of ways of legally accessing super early via an SMSF. These strategies are useful in times of economic disruption such as the current disruption relating to the coronavirus pandemic.
What laws do SMSFs need to adhere to?
SMSF trustees have a lot of laws they need to be aware of if they don’t want to cop a thousand-dollar fine. Here, we go over the main Acts that mention superannuation and SMSFs.
The arm’s length rule for SMSFs
The concept of ‘arm’s length’ is familiar to businesses the world over. To ensure business transactions are conducted at commercial market values buyers and sellers must act independently, without colluding and without one party influencing the other. So how does this concept apply to your SMSF?
What are the penalties for SMSF non-compliance?
It’s a rare person who enjoys paperwork. But for trustees of a self-managed super fund, it’s a necessary evil. Find out what penalties apply if your fund isn’t set up and managed to comply with superannuation and taxation legislation.
SMSFs: What advice can your accountant provide?
While many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To help SMSF trustees navigate this tricky area we’ve compiled a checklist to help you work out if your accountant is the right person to ask for help.
How do the ipso facto rules apply to SMSFs?
Australia’s ipso facto laws have changed. This has relevance for self-managed super fund (SMSF) trustees. In simple terms, the ipso facto provisions relate to what happens when one of the parties that are signatory to a contract goes into administration or similar.
