Superannuation – and your SMSF – is your nestegg for retirement. When you are nearing retirement and looking to reap the rewards of your hard-earned savings it’s your super that you’ll call upon to fund your lifestyle. But to do this, your super has to do two things: Your capital needs to GROW (your advisor…
July 3, 2018
Diversification within your self managed super fund
You don’t put money into your SMSF for it to sit in cash for 30 years or more. Your intention is to invest for your retirement and to get the best return you can now to ensure you have enough to live comfortably when that time comes. You don’t put money into your SMSF for…
June 27, 2018
Consumers are driving China’s economic growth – and foreign investors have noticed
Content provided by Magellan But foreign companies face new political risks when pursuing Chinese consumers. However, as the prices of property continue to rise in Australia, the affordability of property may be out of reach for many SMSF trustees particularly when there is a need to consider the risks with the lack of diversification should…
June 20, 2018
Transfer Balance Account Reporting (TBAR)
From 1 July 2017 superannuation fund members are subject to a $1.6 million transfer balance which limits the tax exemption for assets funding superannuation pensions. The Transfer Balance Cap (TBC) encompasses a significant amount of monitoring for an individual. This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework. Event-based…
June 19, 2018
How to: Transfer Balance Account on mygov.gov.au
Members will be able to view their transfer balance account via myGov.gov.au, via your ATO account. If you are seeking assistance from an SMSF Specialist Advisor to lodge a transfer balance account report (TBAR) they will require a copy of your transfer balance account. This information is not yet available to professional advisors.  You can…
June 19, 2018
How to: Transfer Balance Account Reporting (TBAR)
A step-by-step guide in to completing your Transfer Balance Account Reporting (TBAR) to the Australian Taxation Office (ATO) SMSF trustees can lodge a Transfer Balance Account Report (TBAR) to report information to the ATO by completing the online form or mailing a paper report. Alternatively, you can seek assistance from a Specialist SMSF Advisor, find one via…
June 13, 2018
Do I have to get an independent valuation of my property every year?
No, you do not need to get an independent property valuation each and every year but it is highly recommended that a recent and relevant one has been obtained in the last 3 years. Your property still must be valued at market value each year by the trustees, which should give reference to any independent…
June 12, 2018
Will my Will or testament deal with my SMSF on my death?
No! Your SMSF is excluded from your will and considered a completely separate part of your estate. The payment of benefits from an SMSF, including benefits paid upon death are contained in the rules of the SMSF trust deed. Where SMSF benefits are paid to the legal personal representative, they then become part of the…
June 12, 2018
Is the trust of an SMSF able to claim a deduction for the corporate trustee annual registration fee paid to ASIC?
The simple answer is yes – if the SMSF’s trust deed permits it. If the trust deed permitted the trustee to claim the deduction, then the corporate trustee company could bill the superannuation fund for the expense. This would be assessable income to the corporate trustee company and the trustee would be able to claim…
Common trustee trip-ups and how to avoid them
May 2018 Jordan George, Head of Policy, SMSF Association With the flurry of new superannuation changes, running an SMSF can be complex. While taking advice from professional advisors is encouraged to help you run your fund, ultimately you, as an SMSF trustee, are responsible for complying with the superannuation and tax laws. The reality is…