The COVID-19 pandemic has affected everyone’s lives, and SMSF trustees are no exception. While the worst of the pandemic is (hopefully) behind us, you may still have difficult questions to ponder as you focus on how best to position your SMSF in 2020-21, as well as meet your fund’s annual regulatory obligations for 2019-20. If…
3 common SMSF mistakes and how to avoid them
Managing an SMSF can be difficult. However, with the right skillset, effective organisation and specialist advice, SMSFs can be a great vehicle to fund your retirement. Each year the Australian Tax Office (ATO) releases the most common mistakes that SMSF trustees make when administrating their SMSF. Unfortunately, these mistakes continually revolve around an SMSF being…
Your new financial year SMSF health check
With a new financial year beginning, it is a perfect time to review your SMSF and give it a clean bill of health for the upcoming 12 months. The following list provides a series of considerations that you and your SMSF Specialist Adviser should review. 1.  Take stock of your SMSF investment return and…
Your insurance cover may be changing
In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has specifically directed otherwise. It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance. This may…
Are you ready for the end of the financial year?
With the end of financial year fast approaching and certainty with Government and its super policies it is the time to ensure everything is in place for your SMSF before 30 June 2019. Below are some strategies that you may need to consider and ensure the plans you have in place are the best for…
How to prepare your SMSF for audit
Written by Naomi Kewley SSAâ„¢ SSAudâ„¢, Managing Director, Peak Super Audits Tips on how to prepare your self managed super fund for audit this financial year Audit preparation 101: Tips for SMSF audit preparation this year; Key changes for pensions & contributions; Special investments – what will the auditor need? “Quality is never an accident.…
Have you considered what you will do if an unexpected event occurs?
Your SMSF is a long-term plan. Much can happen during this time including illness, incapacity or death of a member. It is best practice to have contingency plans in place to deal with unexpected events. For example, if a fund member dies, leaving you as the sole member are you happy to continue with the…
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…
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…
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…