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 »

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 »

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 »

Can I keep my SMSF records in electronic format?
ATO / Professionals / SMSF / SMSF Compliance / Trustee education

Can I keep my SMSF records in electronic format?

In today’s digital world, the use of electronic storage for photos, documents, and other important content is very common.  Superannuation law requires SMSFs trustees to keep accurate SMSF records for specified time periods. Through the use of electronic storage, it can be not only more convenient, but can reduce the cost of maintaining these records.  To enable SMSFs to take … Continue reading »

Current day benefits have no place in retirement
SMSF / SMSF Compliance / Trustee education

Current day benefits have no place in retirement

A recent Federal Court decision of the Deputy Commissioner of Taxation (Superannuation) v Graham Family Superannuation Pty Limited [2014] FCA 1101 is a timely reminder for SMSF trustees to understand the importance of their trustee responsibilities, in particular the sole purpose test. In this case, the Graham Family Superannuation Fund (‘SMSF’) made 80 loans to members totaling … Continue reading »

Should my SMSF participate in the Telstra share buyback?
Professionals / SMSF / Trustee education

Should my SMSF participate in the Telstra share buyback?

The announcement of the Telstra share buyback has had many SMSF trustees salivating at the prospect of franking credits to boost their SMSF investment returns for the 2014-15 financial year.  The decision to participate is not however a straight-forward decision, with taxpayers needing to consider their tax position to determine whether a benefit is obtained through … Continue reading »

Promise (mostly) kept for Super in Federal Budget
Federal Budget / Pensions / Professionals / SMSF / Trustee education

Promise (mostly) kept for Super in Federal Budget

It was a commitment made by both sides of Government in the lead up to the last Federal election that superannuation would no longer be a political ‘football’.  Over many Federal budgets we saw Governments constantly tinkering with taxation rates, contributions levels and more.  The message became loud and clear from industry, working and retired … Continue reading »

Look ahead to plan your non-concessional contributions
Contributions / SMSF / SMSF Strategy / Trustee education

Look ahead to plan your non-concessional contributions

The use of the bring-forward rule with non-concessional contributions (NCC) has certainly been a popular strategy amongst self-managed super fund members, utilised extensively since 1 July 2007 with cash contributions, in-specie asset transfers and re-contributions.   Since the inception of these contribution caps, interestingly the non-concessional contribution cap has never indexed from its $150,000 limit, … Continue reading »

Contribution caps on the rise
Contributions / Professionals / SMSF / Trustee education

Contribution caps on the rise

Following a temporary freeze on the indexation of the concessional contribution caps for two years by the former Labor Government, the 2014-15 financial year will finally see indexation increase of the current $25,000 cap up to $30,000.  The Australian Taxation Office has recently updated their key rates and thresholds, confirming the indexation of the concessional … Continue reading »