The powers provided to the Australian Taxation Office (ATO) to deal with issues of non-compliance by SMSF trustees has been reasonably inadequate, something that was acknowledged by the Cooper Review Panel as part of the Super System Review. The ATO in many respects had been known to have two options in dealing with trustee contraventions: … Continue reading »
Tag Archives: trustee
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 … Continue reading »
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 … Continue reading »
Setting up a Self Managed Super Fund
After making the decision to setup a self-managed super fund, there are a range of important decisions and steps about how to structure and operate your fund to get it started. When setting up a self-managed super fund, you take on the role of either a trustee or director of a company which acts as the … Continue reading »
Understanding your roles and responsibilities as a SMSF trustee
The ability to take control of your retirement has been the driving factor in the continuing growth of self-managed super funds. They are a great way to provide for your retirement, but it is important to understand that with this greater control comes an increased responsibility as a trustee of your fund. The ultimate responsibility … Continue reading »
Thinking about Self-Managed Super in 2011?
I am pleased to introduce the first of our new series of videos for the SMSF Academy website, Thinking about Self-Managed Super: Many people ask me why would you want to setup a Self-Managed Super Fund? The key reason is that many people look to self-managed super funds to take a greater control in their … Continue reading »
Ageing SMSF members
We are constantly bombarded by the government about how we need to deal with an ageing population. Intergenerational reports, proposed tax incentives to work longer, changes to qualification ages for Age Pension entitlement all seek to address this ageing issue. But what about ageing issues regarding SMSF trustees? Section 21.3 of the Super System Review … Continue reading »