The ATO has recently released self managed superannuation fund determination SMSFD 2014/1. SMSFD 2014/1 builds on taxation ruling TR 2013/5 and SMSFD 2013/2 and provides some important insights regarding the... read more →
There are many strategies put forward on how to provide smooth and effective succession for a self managed superannuation fund (‘SMSF’) members. Fortunately, while there is no ‘one size fits... read more →
There has been much conjecture as to whether a self managed superannuation fund (‘SMSF’) trustee can implement a cross-insurance strategy after 1 July 2014. The ATO recently addressed this question;... read more →
A recent AAT decision further illuminates when residential property can fall within the definition of business real property. Many would say that the trustee of an SMSF is prohibited from... read more →
The FSI final report — chaired by David Murray — was recently released. The full text is available at http://fsi.gov.au/publications/final-report/ As expected, it has recommended that limited recourse borrowing arrangements (‘LRBAs’) in... read more →
Two mysteries that loom large on the SMSF landscape are the issues of SMSF penalties and the sole purpose test. However, a recent Federal Court case sheds some light on... read more →
Often self managed superannuation funds (‘SMSFs’) are created with the best of intentions, whether to provide for a second spouse, create a contingency for a child, entering property ventures with... read more →
Self-managed superannuation funds (SMSFs) open up a whole new world of investment opportunities for your retirement savings, including direct property. But what if you simply don't have enough money in... read more →
There are now over five hundred thousand Self Managed Superannuation Funds (SMSFs) in Australia where the members of the fund are also the trustees. These trustees are responsible for running... read more →
Introduction A common strategy implemented by business clients is to acquire business real property (usually the premises from which their business is run) via their SMSF and then lease this... read more →
Australian Taxation Office Interpretative Decision ATO ID 2014/23 confirms that loans to an unrelated trust will not constitute an in-house asset of an SMSF. However, advisers must exercise a high... read more →
The end of the financial year is fast approaching. We now address some of the key items that should be considered in the lead up to 30 June 2014. DBA... read more →
The ATO has warned SMSF trustees about a new range of SMSF administrative penalties that can be imposed for a range of breaches of the law. This includes breaches that... read more →
Sole purpose corporate SMSF trustees have been touted as superior for many years. While the ‘old’ reasons for having one still ring true, recent legal news and ATO policy make... read more →
Many do not realise the extent of the disqualified person provisions in the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’). This can result in a person inadvertently acting as trustees... read more →
Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF's operations before they lodge... read more →
Self-insurance in general and some specific types of external insurance, such as trauma insurance, are to be outlawed in SMSFs and most other super funds. Over the last 12 to... read more →
Following changes to the SMSF sector as part of the government’s Stronger Super review measures, SMSF trustees are now required by law to consider the need for insurance cover for... read more →
SMSF members wanting to expand their investment portfolio are able to borrow money through their SMSF to purchase these assets. Assets available to an SMSF include property, as well as... read more →
Applications are regularly made to the ATO, often at a significant cost to taxpayers. The associated professional fees alone can run into the thousands of dollars. Therefore, even if an... read more →