The money put aside in your self-managed superannuation fund (SMSF) is, of course, intended to be kept to fund the retirement of you and your fellow fund members. The over-riding obligation of you as trustee is to adhere to this “sole purpose” test.
SuperStream is part of the Government’s Stronger Super initiative and introduces a more efficient method of sending superannuation payments and associated information in the superannuation system. Measures have been progressively coming into place since July 2014.
Do you understand when your self-managed superannuation fund (SMSF) can borrow and when it can’t?
Generally, SMSFs are not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.
An Actuarial certificate is a statement provided by a qualified actuary to confirm the proportion of an self managed superannuation fund’s (SMSF) income that should be exempt from income tax. The tax treatment of a fund depends on whether it is in accumulation or pension phase, or a combination of both.
There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF).
It’s always a good idea to start by sitting down to read your trust deed, as it may contain vital information about winding up your fund. Remember, once a fund is wound up, it cannot be reactivated.
While providing income for retirement is the obvious purpose of a pension paid from a self-managed superannuation fund (SMSF), there are some issues to think about before drawing a pension from your SMSF.
While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality.
Auditors play a crucial role in the compliance regime of self managed superannuation funds (SMSFs). The legislation that governs the SMSF sector requires that accounts, statements and all compliance needs of an SMSF be audited every year by an “approved auditor”*.
Many SMSF trustees contemplate investing in real property as part of the fund’s investment strategy. However, a Tax Office notification has raised concerns that some trustees may not fully consider the risks and issues associated with holding a real property investment and how this can affect other aspects of the fund, such as benefit payments.