Sole Purpose Test webinar
Professionals / SMSF / SMSF Compliance

Sole Purpose Test webinar

The sole purpose test underpins the super laws to ensure that member benefits are maintained for the provision of retirement, employment termination or death benefits. In our October 2015 webinar, I will be exploring many of the key elements of the sole purpose test and how it applies to investment decisions and activities undertaken by fund trustees.  When we think about … Continue reading »

What happens at the expiry of a complying pension?
Centrelink/DVA / Pensions / Podcasts / SMSF / SMSF Compliance

What happens at the expiry of a complying pension?

The use of complying pensions within a SMSFs seem to be somewhat of a distant memory, but some do still exist with defined benefit pensions options for both lifetime and life expectancy being used with existing fund members. Given the legacy nature of these income streams, one of the interesting things that I’ve come across … Continue reading »

Related party loans result in trustee penalties
ATO / SMSF / SMSF Compliance

Related party loans result in trustee penalties

Related party transactions are the biggest problem when it comes to SMSFs.  Loans to members/financial assistance and in-house asset breaches account for more than 40% of all contraventions by SMSFs, representing 43.8% of the value of such breaches. It is this continued focus on related party loans and other similar transactions that is seeing the ATO take action through … Continue reading »

Is your SMSF electronic service address (ESA) active?
ATO / Professionals / SMSF / SMSF Compliance / Trustee education

Is your SMSF electronic service address (ESA) active?

It is estimated that more than 60% of SMSFs (300,000) receive employer contributions and need to be SuperStream compliant.  According to the ATO, more than 75% of all SMSFs have obtained an electronic service address (ESA) and are ready to received SuperStream contributions from their employer.  With small employers (<20 employees) required to comply by … Continue reading »

Taking the right steps to register your SMSF
ATO / SMSF / SMSF Compliance / Trustee education

Taking the right steps to register your SMSF

Earlier this year I wrote about changes to the registration process when an SMSF applies for an ABN and to become a regulated fund (see, why staple $5 to your new SMSF).  For an SMSF to be established, it must first have assets – this being a trust law principle.  This requirement must be demonstrated when … Continue reading »

Have you taken your minimum pension before 30 June?
Pensions / SMSF / SMSF Compliance

Have you taken your minimum pension before 30 June?

With approximately 40% of all members now receiving an income stream from their self-managed super fund, the need to comply with the pension rules is paramount to the fund’s ability to claim a tax exemption on income supporting pension assets.  The most fundamental element is the need to take the minimum pension.  With 30 June fast … Continue reading »

Joe, what’s the cost of regulating the SMSF sector?
ATO / Federal Budget / Government / SMSF / SMSF Compliance / Trustee education

Joe, what’s the cost of regulating the SMSF sector?

We must be a patient bunch within the SMSF sector… it was some time ago now that the Federal Government decided not to proceed with a range of key measures that justified the increase in the SMSF Supervisory levy from $191 to $259.  Not only was there a significant increase in the SMSF levy to … Continue reading »

Sole purposes spells trouble for SMSF buy-sell agreements
Professionals / SMSF / SMSF Compliance

Sole purposes spells trouble for SMSF buy-sell agreements

The use of a buy-sell agreement amongst business partners is an important tool to help govern the four “D’s” within business – death, disability, dispute and departure.  To help manage some of this risk, in particular around the death of a business partner, it is not uncommon for a SMSF to consider taking out a ‘buy/sell’ life … Continue reading »

Ten SMSF tax planning tips and traps
Professionals / SMSF / SMSF Compliance / SMSF Strategy

Ten SMSF tax planning tips and traps

As we move towards 30 June, our focus starts to turn to strategies and ideas for our SMSFs to try to capitalise on the many opportunities available before the end of the tax year.  Whilst there are a broad range of SMSF strategies available around contributions, pensions and more, it is equally important to ensure trustees and professionals don’t … Continue reading »

Superstream deadline looms for SMSFs
Professionals / SMSF Compliance / Trustee education

Superstream deadline looms for SMSFs

With 30 June fast approaching, the Australian Taxation Office has delivered a timely reminder for many SMSFs to be ‘SuperStream’ ready.  From 1 July, fund members who work for medium to large employers (20 or more employees) must ensure that their SMSF complies with the new payment and data standards format.   Failure to do so will mean that … Continue reading »