You’ve weighed up all the pros and cons and decided to establish a self managed super fund (SMSF). The establishment of an SMSF requires a lot of decisions to be made by you as an SMSF trustee in conjunction with appropriate advice from your advisor. Use the below checklist to ensure every step has been…
September 24, 2018
How to prepare your SMSF for audit
Written by Naomi Kewley SSA™ SSAud™, 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.…
September 11, 2018
Podcast: SMSF strategies, benefits and traps you need to know
Self-managed superannuation funds make up 30% of the $2.3 trillion total superannuation pool and there are more than 1.1 million SMSF members, according to the Australian Taxation Office. From gearing to renting out vintage wedding cars, SMSFs offer investors the ability to deploy a wide variety of investment strategies and the structure provides various tax…
August 23, 2018
Digital currency: passing trend or something to consider?
You may have heard the term ‘cryptocurrency’ throughout the media in the past few months, but do you really know what this digital currency is? The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a block-chain.…
August 15, 2018
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…
How to access property in your SMSF and reduce concentration and compliance risks
Written by Peter Hogan, Head of Education and Technical, SMSF Association Investing for your retirement can present you with a wide range of investment opportunities to choose from. As a trustee and member of your SMSF, you need to make informed choices not only about the blend of different asset classes that will make up…
July 26, 2018
Starting a pension from your SMSF?
Superannuation – and your SMSF – is your nestegg for retirement. When you are nearing retirement and looking to reap the rewards of your hard-earned savings it’s your super that you’ll call upon to fund your lifestyle. But to do this, your super has to do two things: Your capital needs to GROW (your advisor…
July 3, 2018
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…
June 20, 2018
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…
June 19, 2018
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…