Latest Post
SMSF Quarterly Wrap webinar
The 2012 year is going to be a significant one for the SMSF industry, so it is important that you keep up-to-date with the latest issues, news, and changes impacting self managed super funds. The SMSF Academy is pleased to announce the first webinar for 2012, the SMSF Quarterly Wrap. This is a new addition [...]
Blog Posts
Younger SMSF entrants are in for the long haul
There’s been a lot of media in recent times about the growth in younger entrants to the Self Managed Super Fund market. Much of this discussion has come from the recently updated SMSF statistical summary published by the Australian Taxation Office. Is this simply a ‘spike’ in the statistics or is it a genuine trend in [...]
Can you be remunerated as a Fund Trustee?
One of the conditions of meeting the definition of a Self Managed Super Fund is that trustees cannot be remunerated for their services. There is a need however to distinguish between services that may be provided as a trustee for which no remuneration can be provided, against services provided by an individual but not in their capacity [...]
Changes to definition of a SMSF
Changes to definition of a SMSF It is regularly acknowledged that a Corporate Trustee is a far superior trustee structure rather than individual trustees. There has however been an anomaly with the definition of a SMSF within section 17A of the SIS Act that ultimately required a SMSF with members under 18 (i.e. child) to have [...]
12 things NOT to do with your SMSF
The ability to take control of your retirement savings is a key driver in the continued growth of SMSFs. However, being a trustee comes with responsibility to ensure that your fund meets strict regulatory and compliance obligations. Failure to meet these can result in significant penalties, along with the potential loss of the fund’s complying [...]
Twelve SMSF Resolutions for 2012
A Happy New Year to all my readers. The New Year provides us with time to think about and assess goals for the coming year. Whether we actually achieve them or not, well that’s a whole different matter… I have provide below 12 resolutions that you may with to consider in either setting up or [...]
Reflecting on SMSFs in 2011
As the 2011 year comes to a close, it’s a time to ponder where the SMSF industry has come from in the last 12 months and also where it is heading… This time last year, we had just seen the Government’s response to the Cooper Review, with many of these reforms now only 6 months [...]
A Christmas Message from Aaron Dunn
I would like to take this opportunity to wish all my followers and readers a Merry Christmas and Happy New Year. I look forward to providing you with more of my views and strategies on Self Managed Super Funds in 2012.
Excess Contributions Tax a key focus for ATO prosecution
I was interested to read on the ATO’s website this week an updated Superannuation Prosecution Strategy in relation to issues and risks attached with superannuation and taxation law. The strategies available to the ATO to address non-compliant behaviour of taxpayers may be: administrative (for example, conducting an audit, raising a default assessment, imposing a penalty, [...]
How does a SMSF limited recourse borrowing arrangement work?
This short video explains how a SMSF limited recourse borrowing arrangement works in accordance with section 67A of the Superannuation Industry (Supervision) Act 1993. This is the first of many short videos that I will start producing on various SMSF topics and strategies can be used. Let me know what you think by rating the [...]
New ATO Statistical Overview released… good for the industry, but more to be done
As previously announced over a month ago on thedunnthing blog, the Australian Taxation Office has yesterday released an updated statistical overview into Self Managed Super Funds for the 2008-09 financial year. This report is an update to the Statistical Summary prepared on the request of Jeremy Cooper, Chair of the Super System Review. He used [...]
Excessive in Deed? Maybe not in this SMSF
In late November 2011, the ATO updated their website with a release regarding the withdrawal of Taxpayer Alert 2010/2. This document, titled “Fund rules intended to prevent excess contributions tax” outlines the ATO’s reasons for its withdrawal. Interestingly, at the same time, as part of Government’s announcements in the Mid-Year Economic & Fiscal Outlook, it was [...]
25 Super Strategies of Christmas
Is it just me, or is it hard to believe we have just hit December!! How quickly the year has flown… With Christmas now not that long away, I intend to finish the year off with a bang and have put together the “25 Super Strategies of Christmas”. Each day from the today (1st [...]
No need to raid the super fund piggy bank as Government announces further extension of reduced minimum pensions
I was pleased to read Minister Shorten’s press release today that the Government has decided to extend the 25% reduced minimum pension levels for the 2012/13 financial year. I have been quite vocal in my views that the Government ‘pulled the trigger’ a little early in trying to re-rationalise these minimum pension percentages from 1 [...]
Can you establish a reversionary pension after a pension has commenced?
The impact of ATO draft tax ruling, TR 2011/D3 has sparked a significant amount of interest in how income streams are structured for SMSF members, in particular with those who have not originally included a tax dependant reversionary beneficiary in the original terms & conditions of the pension. The draft ruling states that a pension will cease [...]
Be aware of rolling over death benefit pensions to SMSFs
I had an interesting question raised via a financial adviser last week regarding a death benefit pension being paid to a member under age 55 who wished to transfer this to a SMSF. I thought I would share with you the important implications of this decision. John (52) passed away and is survived by Jane [...]
