Administering and ReportingSMSF InsightsUnderstanding SMSFs

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…

Administering and ReportingSMSF InsightsUnderstanding SMSFs

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…

Administering and ReportingUnderstanding SMSFs

SMSF and Insurance

February 2017 Trustees of SMSFs are required to regularly review their investment strategy and to consider insurance for the members as part of that review. Up until 1 July 2014 any type of life insurance could be held through superannuation, however from this date SIS regulation 4.07d will prevent trustees from offering insurance where the…