Set out below are all SuperGuide articles that relate to SMSF compliance.
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.
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.
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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.
What SMSF trustees need to know about non-arm’s length expenditure (NALE)
Trustees who conduct services for their fund for free could find the income of their SMSFs is taxed at a much higher rate under proposed changes to the interpretation of NALE.
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.
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What is the sole purpose test, and how does it work?
All super funds (including SMSFs) must satisfy the sole purpose test to be eligible to receive the tax concessions available under Australian superannuation legislation. We take a look at how the sole purpose test is administered and how you can ensure your SMSF meets the requirements.
What happens to your SMSF when you go overseas?
Self-managed super fund (SMSF) members have a number of options in terms of how to treat their fund when they head overseas. The time they intend to be away is a key factor to consider, as is how many of the SMSF’s members are moving overseas and their percentage of the beneficial interests.
Is it possible to have two SMSFs at the same time?
Australian super legislation allows you to establish and run a second SMSF, but it’s important to understand the potential for downsides as well as benefits.