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…
October 28, 2021
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…
October 19, 2021
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.…
October 8, 2021
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…
September 16, 2021
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 –…
April 28, 2021
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…
March 18, 2021
Buyer beware when acquiring assets from a related party
The unforeseen, and rapid onset of the COVID-19 pandemic may have caught some individuals by surprise, especially if working hours were reduced or their income earning capacity was negatively impacted. For those individuals who have met the required conditions to release money from their SMSF, they may opt to increase pension drawdowns or access a…
November 25, 2020
Is an SMSF the right answer for you?
November 2020 We believe that every Australian has the right to a good quality of life in retirement. An SMSF offers control, flexibility, and choice but ultimately, they aren’t the best option for everyone: it comes down to individual circumstances. To help those considering an SMSF for their retirement savings, this two-page flyer details a…
November 23, 2020
Cost of Operating SMSFs 2020: Infographic
November 2020 The cornerstone of the 2020 SMSF Week was the release of a key piece of research, conducted by Rice Warner, to update its previous findings for the Australian Securities and Investments Commission in 2013 ‘Costs of Operating SMSFs‘. Assessing the cost-effectiveness of SMSFs compared to APRA regulated super funds, the research, examines the…
November 17, 2020
New super contribution rules for older Australians
Superannuation rules are never stable, and the start of the 2020/21 financial year is no different. For older Australians, recent changes to the contribution rules may present new opportunities to contribute to superannuation. The changes are focussed on individuals aged between 65 and 74 and are designed to provide more flexibility in retirement. So, what…