SMSF Tech

SMSF trustees need to get property development right

SMSF trustees need to take extra care after the tax office has stepped up its monitoring of property developments saying it is concerned that such arrangements may be inappropriate. It is paying particularly close attention to arrangements that involve limited…

Get returns in on time, ATO warns

The Australian Taxation Office (ATO) is warning self-managed superannuation trustees and their advisers that lodging annual returns late will result in a change to an SMSF’s fund status, risking their retirement savings. The harsh consequence is in response to nearly…

Contribution rules eased for older Australians

The Government has released a draft bill for consultation, outlining measures to provide greater flexibility in the superannuation system for older Australians. The bill includes three changes: • the age at which the work test starts to apply for voluntary…

Super guarantee amnesty may trigger cap breaches

Employees run the risk of exceeding their concessional contribution caps if they receive payments under the Government’s new superannuation guarantee amnesty. Under the law implementing the amnesty, which was passed late last month, employers will have six months to correct…

SMSF investment strategy must ‘live and breathe’

SMSF trustees need to pay more attention to their investment strategies to ensure they detail every aspect of the investment process rather than just being a compliance document. The Australian Taxation Office (ATO) has released guidance on SMSF investment strategy…

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…