News

SMSFs property development 2

SMSFs & property development – Emerging risks

September 3, 2021

There has been an increase in the number of SMSFs entering into arrangements where real property is purchased and developed to subsequently be sold or rented out. Such investments can help the fund build up its wealth more quickly than other forms, and from a tax standpoint, any rent or eventual capital gain may enjoy…

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Stapling super: Reducing multiple accounts for employees

September 3, 2021

New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them. Under current rules, if an employee changes jobs multiple times over their working life and does not nominate a superannuation fund to their employer, they could end up…

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What the new Your Future, Your Super means for you

August 10, 2021

Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians. The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families…

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Steps to take when winding up your SMSF

July 6, 2021

There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps separation or other family causes among the many reasons why winding up the fund becomes necessary. The many reasons people may find it necessary to wind up an SMSF could…

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The ATO’s eligibility requirements for SMSF trustees or directors

June 2, 2021

All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person. Other eligibility factors…

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Dealing with excess before-tax super contributions

May 5, 2021

Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap. Since 2013-14, when the excess concessional contributions refunding scheme came into effect, individuals exceeding their concessional contribution cap will accrue a…

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Evidencing SMSF property valuations

May 5, 2021

The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19. Under SMSF regulations, assets must be valued at market value in an SMSF’s accounts and financial statements each year. SMSF auditors need to be in possession of sufficient…

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Managing your superannuation transfer balance account

April 2, 2021

Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter. With all the rules and regulations swirling around the superannuation sector these days, it’s not unusual for those nearing retirement to…

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The SMSF sector has been growing by $62,400 every minute

March 2, 2021

The latest annual statistical report from APRA has been released, covering the 2020 income year but only made public at the end of January 2021. Total superannuation industry assets were $2.9 trillion as at 30 June 2020. Of this total, $1.9 trillion was held by APRA-regulated superannuation entities and $0.7 trillion was held by self-managed…

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SMSF regulations to allow six members under new legislation

SMSF regulations to allow six members under new legislation

October 2, 2020

A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. First floated in the 2018-19 Federal Budget, the remainder of the measure is to be implemented through regulations. The bill…

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