News

SMSF tax return: Avoid the annual angst

September 8, 2012

Individuals and self-managed superannuation fund (SMSF) trustees alike are embroiled in a race to finish their annual returns, but for the latter the race is one that is more difficult and involved. As we explained in our last edition, SMSFs have to appoint an ‘approved auditor’ at least 30 days before the due date of…

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Get ready for your SMSF audit

August 2, 2012

Any mention of the word “audit” is likely to elicit a frustrated groan or a fearful shake of the head from many of us, but what self-managed superannuation fund (SMSF) trustees need to realise is an audit can be a good thing. As tedious as it may sound, an audit is useful in providing an…

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Emergency money from your super fund: The rules

August 2, 2012

Compassionate reasons can serve as grounds for withdrawing pre-retirement or preserved super to cover medical and related emergencies – but strict rules apply. Overseen by the Department of Human Services, the compassionate grounds benefit allows super to be withdrawn in one or more of five specific circumstances, after taking into account a member’s financial capacity.…

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SMSF related party off-market transfer ban delayed

August 2, 2012

Off-market transfers of certain assets, such as shares, between related parties and self-managed superannuation funds (SMSFs) will cease to be allowed under proposed changes to the law. However the start date of the ban has been moved from July 1, 2012 to one year later. Frequently referred to as in-specie contributions, the government’s move to…

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SMSFs and geared property investment

July 5, 2012

In general terms, there is a prohibition on superannuation funds borrowing money, however an exception to this rule enables self managed superannuation funds (SMSFs) to borrow in order to acquire certain assets. These borrowing arrangements are strictly regulated. When borrowing to acquire an asset, the fund takes out a loan on a ‘limited recourse’ basis,…

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End-of-year super superannuation strategy checklist

June 21, 2012

Get your superannuation into its best tax position, for this year-end and into 2012-13 and beyond. Consult your tax agent on which strategies suit you best. Maximise after-tax contributions Double-check your non-concessional (after-tax) contribution figures to make sure contributions are made up to the allowable cap before the end of the 2011-12 financial year. Generally,…

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SMSFs: Travel – and keep your fund compliant

June 21, 2012

Are you a travel aficionado? Nothing unlawful about that, except there may be negative consequences if you are a trustee in a self managed superannuation fund (SMSF). If a trustee relocates overseas for an extended period, the residency status of an SMSF, its compliance and its ability to receive tax concessions may be affected. Trustees…

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