We all make mistakes, but when it comes to your SMSF it’s important to work with the ATO to rectify mistakes or stiff penalties can apply.
Learn about the key aspects of SMSF compliance in the following SuperGuide articles:
Set out below are the latest articles that relate to smsf compliance.
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.
If you have a self-managed super fund (SMSF) with a corporate trustee, then you need to be aware of the new requirement to apply for and obtain a Director Identification Number (Director ID).
For all its complexity, super boils down to one simple goal. Lose sight of that goal, and the ATO will come knocking.
The ATO has clarified its position on non-arm’s length income and expenditure, and the cost of getting it wrong.
Although it’s legal to have more than one SMSF, there are important pros and cons you need to consider before taking the plunge.
SMSF members will be able to exit old-style pensions for new if this Budget measure comes to pass.
Proposed changes in the 2021 Budget will level the playing field for SMSFs with members who move overseas.
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.
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 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.
Working with the ATO might be the best course of action if your SMSF receives a breach notice.
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.
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 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?