Deadline looms for SMSFs and collectibles

Does your self-managed superannuation fund (SMSF) own a motor vehicle, artwork, wine, coins, jewellery or other collectibles?  More stringent rules for how these collectible and personal use assets are managed come into effect for all funds from 30 June 2016.  While it's important for all SMSFs to ensure that they are compli...

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Bad Deeds: Is your SMSF at risk?

Your SMSF's trust deed is its rulebook.  If the deed does not allow or recognise something then the trustees can't do it.  Despite this, a lot of trustees are unaware of what their trust deed says it was just something that was required when the fund was established.  The problem with any document is that unless you ame...

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Thinking About a Self Managed Super Fund (SMSF)?

Managing your own super is a big responsibility. There are strict rules that govern how you can use a self-managed super fund (SMSF), how you can invest your money and when you can get at it. If you want to manage your own super, there are many factors you need to consider. To work out whether an SMSF is right for you, it's important ...

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Update on Issues Affecting SMSFs

ATO compliance
At a compliance level, the ATO says that it is focusing on:  engaging with new trustees to ensure they can operate their SMSF and are not seeking illegal early access to their retirement benefits; ensuring that trustees understand their obligations and that, although their tax agent or accountant will assis...

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SMSFs: failing to pay the minimum pension

The tax office recently clarified what happens when the trustees fail to pay the minimum pension for a member for the financial year.  Where this occurs, the pension is considered to cease from the START of that financial year.  This means that any amounts that may have been taken during the year will be treated as superannuation lump ...

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