Working with the ATO might be the best course of action if your SMSF receives a breach notice.
Keep on top of these potential mishaps with your annual return and you should be able to avoid the ire of the regulator.
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 (COVID-19) pandemic.
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?
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.
Having your own SMSF can be a rewarding experience, provided your fund is set up correctly from the get-go. Here are the nine steps required to get your SMSF up and running.
All super funds must satisfy the sole purpose test to be eligible to receive the tax concessions available under Australian superannuation legislation. All super funds (including SMSFs) must satisfy the sole purpose test. We take a look at how the sole purpose test is administered and how you can ensure your SMSF meets the requirements.
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.
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.
SMSF trustees are legally obliged to have their fund audited by an independent SMSF auditor to ensure their ongoing compliance with Australian super legislation. The ATO can impose a range of penalties for non-compliance, depending on the seriousness of the breach.
Take the following 10 question quiz to test your knowledge on the fundamentals of self-managed super funds (SMSFs).
A relaxation of rules around borrowing in self-managed superannuation funds (SMSFs) nearly a decade ago now means that SMSFs can borrow to invest in some circumstances. Although loans were originally allowed for borrowing to invest in shares, restrictions around the rules mean that in most cases they are now used for property assets.
An SMSF is a very attractive superannuation savings vehicle but it also comes with plenty of responsibility for anyone that signs up to being a trustee.
Self-managed super fund (SMSF) expenses can be tax deductible provided that they comply with Australian taxation legislation.
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.