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 »

Could lump sum changes bring-forward your recontribution plans?
Federal Budget / Opinion / SMSF

Could lump sum changes bring-forward your recontribution plans?

It’s typically about this time of year where the Government of the day starts to test the public ‘mood’ pre-budget with various policies under consideration.  One that has gained some momentum in the past few days within the media has been a potential to limit lump sum withdrawals from superannuation. A recommendation from the Financial Systems Inquiry … Continue reading »

Why staple $5 to your new SMSF?
Professionals / SMSF / SMSF Compliance

Why staple $5 to your new SMSF?

Changes to the Australian Business Registry (ABR) registration process from 1 January 2015 has seen the Australian Taxation Office introduce new questions to ensure that an SMSF trust is first created prior to its registration with the Regulator. A super fund is a special type of trust – that is, it is required to be set … Continue reading »

Good to Great – Creating a great SMSF business
Opinion / Professionals / SMSF / SMSF Business Model

Good to Great – Creating a great SMSF business

I love going to events outside of my industry to not only improve myself, but to also look at what I can apply back into an SMSF sector than is fast becoming its own profession.  When I heard that this year’s Growth Summit event was to include the legendary Jim Collins, along with Verne Harnish … Continue reading »

Government’s open mind could see LRBAs survive?
Limited Recourse Borrowing Arrangements / Professionals / SMSF

Government’s open mind could see LRBAs survive?

At last week’s SMSF Association (formerly SPAA) national conference, we saw the Government respond for the first time on the Financial System’s Inquiry recommendation to ban limited recourse borrowing arrangements (LRBAs).  The Assistant Treasurer, Josh Frydenberg indicated that the Government will consult with an ‘open mind’ on what is a highly sensitive issue with the SMSF … Continue reading »

10 big things from the ATO SMSF statistics
ATO / SMSF / Statistics

10 big things from the ATO SMSF statistics

The annual statistical overview of the SMSF sector each year paints an interesting picture of the dynamics of an ever-growing industry.  In December 2014, the Australian Taxation Office (ATO) published the 2012-13 statistical report.  I have outlined below 10 interesting SMSF statistics from the report that shed important light about both trustees and professionals within the … Continue reading »

ATO takes aim at non-commercial LRBAs
Limited Recourse Borrowing Arrangements / Professionals / SMSF

ATO takes aim at non-commercial LRBAs

The release of the much awaited interpretative decisions, ATOID 2014/39 and ATOID 2014/40 regarding non-commercial limited recourse borrowing arrangements, has provided important insights into the key elements of what the Commissioner views as non-arm’s length income (NALI) for the purposes of section 295-550 of the Income Tax Assessment Act 1997 (ITAA 1997).  Following the release of … 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 »

Is your SMSF a resident fund?
SMSF

Is your SMSF a resident fund?

We live in a smaller world – a world that includes a far more globalised workforce and people willing to travel further and for longer periods of time.  This opportunity to travel can however present some important items that SMSF trustees need to more closely consider regarding the residency status of their fund. This was … Continue reading »