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…
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…
Common expenses within your self-managed super fund
The ATO recently updated their Taxation Ruling TR93/17 which covers income tax deductions that are available to superannuation funds. It is important you are aware of the different types of expenses and their deductibility within your self-managed super fund. Generally speaking, a deduction is a loss or outgoing incurred by a super fund in the…
Looking to the future with your SMSF
Your SMSF is up and running. It’s important you don’t let things slide and suddenly six months or longer has passed by without addressing your next steps. Now is the best time to plan for the future. The sooner you start planning your journey towards retirement, the more you will be able to take advantage…
New reporting requirements for superannuation pensions
With the new super rules that began on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount of assets you can use…
Keeping on track – your obligations and preparations
Despite the incoming superannuation changes coming into effect at the end of next month, it is important to keep sight of your ongoing and current obligations and preparations for the financial year end. Investment Strategy review As a trustee you are required to review your investment strategy regularly to ensure it continues to reflect the…
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…
Lifecycles of your SMSF
February 2017 In this session we will look at the lifecycles of your SMSF and examine the many ways the investments in your SMSF can create wealth for your retirement. Those times in your working life when you are accumulating your wealth can require different strategies to those adopted once you are in retirement. In…
Understanding the lifecycle of an SMSF
Recognising the different phases of your life and adjusting your retirement strategy to adapt to those changes is important to the success of your long-term planning. This is the case whether you are setting up your SMSF, accumulating wealth, paying an income stream or winding up your fund. So, what are some of the issues…