For many years it has been an attractive proposition for trustees to take out insurance for members within their SMSF in order to take advantage of certain tax deductions whilst also providing additional benefits to the members or their dependents. So what's new in insurance...
As part of your estate planning, you’ve prepared your will (you have, haven’t you?) and you’ve made a binding beneficiary nomination for your super fund. But what about an enduring power of attorney? This element of estate planning is often ignored; after all, nobody likes...
SuperStream is the government’s new data and payment standard, part of its Super Reform package. It will provide a consistent, reliable electronic method of transacting linked data and payments for superannuation. SuperStream has a 30 June deadline – all funds and contributions need to be in...
One of the most important aspects of having a self-managed super fund (SMSF) is ensuring that your reporting obligations are kept up-to-date and compliant. An important aspect of this is documenting all significant meetings and decisions pertaining to your fund. This is a legislative requirement...
Most self-managed super funds consist of two members, usually a husband and a wife – your typical ‘Mum and Dad’ type of situation. As a result, because you think you’re small, you forget that your SMSF isn’t small and insignificant at all – it is...
As the saying goes, there are two certainties in life: death and taxes. And when it comes to keeping your self-managed super fund compliant, the death of a member can have significant implications for your funds tax liabilities and concessions. When a loved one dies, probably...
How many heads are on your SMSF chopping block? 5 benefits of a corporate trustee Almost 76 per cent of all SMSFs have individual trustees rather than a corporate trustee. That percentage appears to be increasing, with the ATO stating in the three years to 2013, there...
A SMSF is set up every 13 minutes in Australia -- can you keep up with audit demand? With self managed super funds increasing in popularity, some reports indicate that there is a SMSF set up every 13 minutes in Australia. This means that accountants have an...
Can’t afford to get on the home ownership ladder? Many young people are choosing to rent while investing in property with their self managed super fund (SMSF), rather than struggling to get onto the home ownership property ladder. It offers an investment that usually suffers fewer fluctuations...
In specie is the process of transferring an asset other than cash into a superannuation fund without selling the underlying investment. The benefits of carrying out an in specie transfer include: potential savings on buy and sell costs being able to remain invested in the market throughout the...