The SMSF Association engaged the University of Adelaide to examine the financial performance of self-managed super funds (SMSFs) relative to APRA regulated funds. This joint research venture is based on financial statement data from over 318,000 SMSFs for the period 2017 to 2019 – a sample size representing more than 50% of all existing SMSFs.…
Fact Sheet | Understanding self-managed super fund performance
The SMSF Association engaged the University of Adelaide to examine the financial performance of self-managed super funds (SMSFs) relative to APRA regulated funds. This joint research venture is based on financial statement data from over 318,000 SMSFs for the period 2017 to 2019 – a sample size representing more than 50% of all existing SMSFs.…
The taxing problem of foreign pension transfers (Part 2)
Written by Tracey Scotchbrook, Policy Manager, SMSF Association In my previous article, ‘So you’re thinking about transferring your foreign pension fund to Australia‘, I highlighted some of the important things you need to consider before transferring your foreign pension funds to Australia. In this article I will explore the Australian income tax implications. Where a…
So you’re thinking about transferring your foreign pension fund to Australia (Part 1)
Written by Tracey Scotchbrook, Policy Manager, SMSF Association For people who have previously lived and worked overseas they will likely have a foreign pension fund. It is understandable that there is a desire to consider transferring the proceeds of these pension funds into Australia. The reasons for doing so are varied but are often about…
What is a Director Identification Number (director ID) and do I need one?
You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF with a corporate trustee. All directors of your corporate trustee will need to apply for their own…
SMSFs and COVID-19 relief available in 2021-2022
Ordinarily, managing an SMSF to ensure it doesn’t breach any of the rules is complex. Add the uncertainty created by a global pandemic and it’s never been more important to understand what relief, if any, your fund may qualify for in 2021-22 and what evidence your auditor will need to see to ensure that no…
SMSF Property Valuations
Written by Daniel Shaw, DFK Benjamin King Money, SMSF Specialist Advisor (SSA™) The ATO has provided updated guidance on the types of evidence a trustee can use when valuing its property holdings in an SMSF. Prior to 1 July 2012, you, as an SMSF trustee, could provide a valuation for SMSF assets every three years.…
Who is the expert steering your SMSF?
Written by John Maroney, CEO, SMSF Association First published in Financial Review on 05 October 2021. Licensed by Copyright Agency. If you’re not across non-arm’s length expenditure rules or whether a six-member fund would suit you, it’s probably time you got specialist advice. While the Productivity Commission’s major report into super in 2018 focused on…
Why does my auditor need evidence of asset values?
Written by Belinda Aisbett, Director, Super Sphere Pty. Ltd As a trustee, when preparing your information for your accountant to undertake the task of preparing your SMSF’s annual financial report, inevitably, a query will be made in relation to the evidence needed for your asset values. For many funds this is an uneventful requirement –…
Contributing the proceeds of your house sale to super – Downsizing rules explained
Update as of 19 May 2021 From 1 July 2022, the eligibility age to be able to make a downsizer contribution reduces from 65 to 60 years old. There are no other changes to the remaining eligibility criteria. The 2017 Federal Budget contained a downsizing measure that allows individuals aged 65 or over to make…