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 »

10 things you need to know about using a contribution reserve
Contributions / Professionals / SMSF / SMSF Strategy

10 things you need to know about using a contribution reserve

The use of a contribution reserving strategy with SMSF trustees is one of the more popular strategies for individuals to utilise where they may have abnormally high levels of income for a financial year (e.g. CGT event) or where an employee may receive a bonus that can be salary sacrificed into their SMSF.  Since the ATO initially released … 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 »

ATO’s about face a positive outcome for ECPI
ATO / Pensions / Podcasts / Professionals / SMSF

ATO’s about face a positive outcome for ECPI

Earlier this year, we saw the ATO appear to ‘move the goal posts’ when it came to applying exempt current pension income (ECPI) within a SMSF. This guidance provided by the Assistant Commissioner, stated two critical changes in calculating and reporting ECPI: to be exempt from an actuarial certificate, you must use the segregated method … Continue reading »

Open Campus | Join us for a free webinar demonstration
Campus / Professionals / SMSF

Open Campus | Join us for a free webinar demonstration

I’ve been a little quite in recent times on my blog… and with good reason! We have been busy working on The SMSF Academy’s new Campus app that provides professionals with an all-in-one SMSF learning and document platform.  I’d like to invite you to register for one of our coming free webinars to show you the many … Continue reading »

What’s the most bizarre SMSF investment you have seen?
SMSF

What’s the most bizarre SMSF investment you have seen?

One of the great attractions to self-managed super funds is the investment choice that is available over other types of super funds.  Whilst statistically, SMSFs predominantly hold Australian shares, cash and deposits, this does not preclude many funds have a more unusual investment strategy to save for their retirement.  The choice of asset as part … 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 »

SMSF (hope) is not a strategy
Professionals / SMSF / SMSF Business Model

SMSF (hope) is not a strategy

I would like you to stop and think about how the SMSF sector has changed over the past decade or more.  What looks different today in terms of regulation, legislation, technology and more? Since undertaking the Future of SMSF report in 2014, I have regularly commented that SMSFs have been the disruption the superannuation industry … Continue reading »