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.
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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.
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.
From 1 July 2017 the Federal government introduced the transfer balance cap, which currently sits at $1.6 million and which will be indexed periodically in $100,000 increments.
Read this article to learn more about how much you can contribute and what happens if you exceed your super contribution caps.
SMSFs must pass residency requirements at all time to be eligible for the tax concessions that are available under Australian superannuation legislation.
This article is designed to help those who have to think about this reporting – trustees of, and advisers to, SMSFs. Remember that SMSFs and large funds often have different deadlines when it comes to reporting and TBARs are no different.