No, you do not need to get an independent property valuation each and every year but it is highly recommended that a recent and relevant one has been obtained in the last 3 years. Your property still must be valued at market value each year by the trustees, which should give reference to any independent…
June 12, 2018
Will my Will or testament deal with my SMSF on my death?
No! Your SMSF is excluded from your will and considered a completely separate part of your estate. The payment of benefits from an SMSF, including benefits paid upon death are contained in the rules of the SMSF trust deed. Where SMSF benefits are paid to the legal personal representative, they then become part of the…
June 12, 2018
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…
April 26, 2018
Personal Superannuation Contributions – 10% rule repealed
With the end of the financial year fast approaching, it is the perfect time to start thinking about your income tax deductions. Under the new Government changes to super, effective 1 July 2017, the 10% maximum earnings condition for personal superannuation contributions was removed for the 2017-18 and future financial years. This rule provided that…
April 4, 2018
In what ways can a person contribute to their super fund?
Besides your employer contributions, you can also contribute extra to your super However, there are limits to how much you can contribute and these are referred to as Contribution Caps. There are different limits to the caps which depend on the type of contributions made into your super fund, these are explained in-depth below. Concessional…
March 19, 2018
The popular choice for new SMSFs: A corporate trustee
19 March 2018 Written by Robin Bowerman, Head of Market Strategy and Communications at Vanguard/Board Director of the SMSF Association A fundamental question for intending SMSF members is whether to have a corporate trustee or individual trustees for their new fund. More than 80 per cent of new SMSFs established in 2016-17 had a corporate…
March 6, 2018
Property and your self managed super fund
Directly held property makes up approximately 19% of all SMSF assets, indicating that it is considered an important and significant part of a diversified portfolio. There are numerous strategies and ways for property to form part of your SMSF’s investments. It is imperative you are aware of the risks and returns and carefully consider whether…
February 28, 2018
SMSF Estate Planning under the new reforms
From 1 July 2017, the introduction of the transfer balance cap (TBC) impacted the amount of capital that an individual could use to support an income stream in retirement phase. The TBC also applies to death benefit income streams and therefore changes the way we must think about estate planning. With the introduction of the…
February 9, 2018
The cryptic-ness of cryptocurrency – Bitcoin and your SMSF
The recent rises, and don’t forget the falls, of Bitcoin have thrusted its name, and cryptocurrencies more generally, into the spotlight. Not only are early adopters and technology minded individuals investing but it has also captured the attention of investors more used to conventional assets. This interest has spread to SMSF investors. What is bitcoin?…