SMSF Tech

Downsizer contributions: the gold is where there aren’t any rules

Despite its name, SMSF trustees do not have to downsize their property to get the benefits of the downsizer contribution. The rules are short and simple and easily applicable, according to an SMSF specialist. Speaking at the SMSF Association Conference…

Check your auditor’s bona fides, regulator urges

The Australian Securities and Investments Commission has issued a reminder to trustees of self-managed super funds that they should check that their auditor is registered and whether there are any conditions on the registrations. ASIC’s advice comes in the wake…

SMSF setup: corporate or individual trustees?

When people set up a self-managed superannuation fund, one of the decisions they have to make is whether to act as individual trustees or set up a company as trustee. In the past people have tended to opt for individual…

ATO issues GST reminder

The Australian Taxation Office has issued a reminder to SMSF trustees that they have a GST withholding obligation if they purchase new residential property. They need to make sure they have done all the paperwork. The ATO says purchasers who…

Time of review SMSF borrowing arrangements

As SMSF trustees review their investment options for the year ahead, one development they need to consider is the recent changes limited recourse borrowing arrangements may make borrowing a less popular option self-managed super funds. The outstanding balance of borrowings…

SG contribution opt out starts

People with multiple employers can now apply to opt out of receiving superannuation guarantee contributions from one or more of those employers. The new law, which took effect on 1 January, is designed to help people avoid unintentionally breaching their…

SMSF auditors slated in ATO report card

SMSF trustees should be on high alert after only a minority of SMSF auditors came out of a regulatory review unscathed. The Australian Taxation Office (ATO) has revealed the results from its audit of 51 of the top 100 SMSF…

Compliance failures common in super fund advice to members

Less than half of the financial advice provided by superannuation funds to their members was fully compliant with advisers’ best interests duty and related obligations, a review has found. And a significant number of members were at risk of suffering…

Picking the brains of leading SMSF investors

Self-managed super fund trustees tend to have a very stable approach to Australian equity investment. They like the big stocks, especially the ones that pay high dividends, and they like to hold them long term. Online broker SelfWealth has launched…

ATO gives further clarification on Aussiegolfa

The Australian Taxation Office has provided a further update on the implications of the Aussiegolfa case, confirming its view that a self-managed super fund trustee could contravene the sole purpose test by investing in a sub-fund of the DomaCom Fund…