SMSFs
SMSF stats just keep getting better
The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some…
Read MoreTreasury amends LRBA requirements for SMSFs – again
As if the new transfer balance cap rules were not complicated enough, the government has passed legislation that complicates it further where an SMSF starts a limited recourse borrowing arrangement (LRBA) from 1 July 2017. Treasury was concerned that some trustees would try to get around the $1.6 million transfer balance cap (TBC) through the…
Read MoreTax Deductions Specifically for SMSFs
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made, and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF trustee incurs an expense in the usual…
Read MoreThe transitional CGT relief measure and your SMSF
Transitional capital gains tax (CGT) relief is temporary relief available to all complying superannuation funds, not just SMSFs, for certain CGT assets that would otherwise give rise to a taxable capital gain through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to transition to retirement income…
Read MoreSMSFs and the in-house asset rules explained
A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing. WHAT DOES THE ATO SAY IN RELATION TO THE IN-HOUSE ASSET RULES? Recent ATO statistics on the SMSF sector show…
Read MoreIs the peer-to-peer lending investment option right for your SMSF?
One investment option that has surfaced relatively recently, and that SMSF trustees may consider as a part of their strategy to grow their fund, is investing through peer-to-peer lending. Peer-to-peer lending involves an investor – a trustee of the SMSF in this example – providing funds to an online lending platform. This platform, which must…
Read MoreSMSFs: Individual or corporate trustee?
Nearly 80% of recently established self managed superannuation funds (SMSFs) operate under an individual trustee structure rather than a corporate trustee arrangement, according to the ATO. We examine the pros and cons of each form of trustee. BENEFITS OF CORPORATE TRUSTEE STRUCTURE Asset ownership Under an individual trusteeship, all SMSF assets must be in the…
Read MoreSMSF trustees: Don’t let “cognitive decline” sneak up on you!
As the Australian population ages, and retirees become either fully or partially reliant on their own retirement savings instead of the government pension, the ability to manage those funds may be affected by one of the possible downsides of a long life. The possibility of declining health, both physical and cognitive, may be uncomfortable to…
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