Q: We understand that SMSFs cannot purchase property from members. What we want to know is whether members can purchase property owned by the SMSF, providing fair market valuation is paid for this? Does the valuation need to be established through a valuation, or is an appraisal sufficient? Our SMSF currently jointly ... Read more
Revisited: Is property a good investment for your SMSF?
We receive a steady stream of emails seeking information about investing in property via an SMSF. In response to this continued interest, we have revisited the popular question, is property a good investment for your SMSF?The question (is property a suitable investment for an SMSF?) is an important one, and the ... 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
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
SMSFs: Can $1 million last longer than you?
Note: This article is an edited and abridged version of an article written by one of our readers in response to the SuperGuide articles: ‘Why can’t $1 million last forever?’ and ‘Crunching the numbers: a $1 million retirement (7% and 5% returns)’. The reader believes it is possible for $1 million to last forever by ... Read more
SMSFs must consider life insurance needs
Q: I am a self-employed businessman with my own SMSF. I would like to know if I can arrange insurance (s), for example, death cover etc through my fund with the premiums paid from the fund. Could you recommend any companies that may supply these services?The short answer to your first question is: yes a SMSF member ... Read more
SMSF pension earnings remain tax-free after death
When a superannuation account enters pension phase, the earnings on assets financing the super pension are exempt from tax, subject to meeting minimum pension payment rules. What this means is that capital gains, dividend income, interest income and any other type of income that the super pension account receives is ... Read more
Estate planning: How can a SMSF live forever?
Q: It has been suggested, that a family self-managed super fund (SMSF) can become a multi-generational tax haven, which can go on into perpetuity, provided that you establish a special corporate trustee, as well as a SMSF Will. I thought that the super money could not remain in the fund indefinitely because eventually ... 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
Tax-deductible super contributions: Timing start of pension is essential
Q: I put money into my SMSF in June 2017 from a capital gain. I wasn’t able to tell the fund at that time what it was because my accountant hadn’t completed the figures so that notice was sent to them in August 2017. As I understood the rules, so long as the money was in the fund at June 2017, I could then withdraw any ... Read more
Boost your super: 10 planning tips for 2017/2018 year
Although many people are still grappling with the July 2017 superannuation changes (announced in the 2016 Federal Budget), it’s important to note that many of the underlying super rules remain unchanged. For example, the Superannuation Guarantee (SG) rates remain the same, contributions caps are still around (albeit ... Read more
SMSF compliance: ATO’s hit list for the 2016/2017 year
Each year, the ATO promotes a list of compliance areas that the regulator intends to target when reviewing SMSFs during the financial year. This is the hit list for the 2016/2017 year, although you can expect many of the areas to be focused on in the early parts of the 2017/2018 year as well.In August 2016, Kasey ... Read more
