What are the penalties for SMSF non-compliance?
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.
SMSF compliance
Learn about the key aspects of SMSF compliance in the following SuperGuide articles:
Guide to SMSF trust deeds
What is the sole purpose test, and how does it work?
Total Superannuation Balance: When it applies and what is included
SMSFs: Legacy pension relief at long last
What are the SMSF residency requirements?
SMSF investment rules: What every trustee should know
Guide to SMSFs and insurance
SMSF compliance: What are trustees’ responsibilities?
SMSFs: What to do if you get a breach notification from the ATO
Set out below are the latest articles that relate to smsf compliance.
Losing capacity: The issues for SMSF trustees and what you need to do
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.
Director Identification Numbers: What is required for SMSFs
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).
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?
