As per the following situations your SMSF may not require an actuarial certificate: Funds that have all members in pension phase and no accumulation accounts, as they are considered to be 100% tax free and segregated. When no pensions are being paid by the SMSF, which means that all members are in accumulation phase. When…

You need an actuarial certificate before you can prepare the SMSF annual return for the income year. Once the income tax return is prepared with the correct claim for ECPI (Exempt Current Pension Income), you will need to get the fund audited before lodging the return with ATO. What expenses can be deducted? Where an…

Only approximately 13% of SMSF provide life insurance, total permanent disablement (TPD) insurance and temporary disablement cover within the fund for the members. In 2012 regulation 4.09(2) announced that trustees of a SMSF are required to conduct a review of the funds investment strategy regularly and regulation regulation 4.09 (2) (e) requires the SMSF to…

Whether you are a Corporate Trustee or Individual Trustee of a SMSF you have responsibilities in running and administering the fund. With a newly established superannuation fund all new trustees are required to complete, sign and lodge a Trustee declaration with the ATO within in 21 days of becoming a trustee. This can be accomplished…

In the past, any superannuation accounts with balances of less than $200 could be claimed by the ATO on the basis that they had been inactive for 5 years. In 2013, the ATO has become more active, by increasing the threshold from $200 to $2,000 unless a contribution has been made in the last 12…

Our government has limited the ability of members in their pre retirement years to increase their superannuation contributions. This fact has received wide criticism in the press. Previously, people approaching 50, who were most likely to be free of children and a mortgage would direct large amounts into super via salary sacrifice arrangements. Our benevolent…

Why do you need a Declaration of Trust? SIS regulation 4.09A requires the trustees of a SMSF to keep the assets and money of the superannuation fund seperate from any assets or money held by the trustees personally. In NAT 2005/37 ATO media release, warns that all assets of a self managed superannuation fund must…