Recent research has found that many trustees are actively seeking outside advice to help them manage their retirement savings. This recent research found trustees were looking for specialist advice and were less interested in a one-stop-shop approach when it came to financial planning. The trustees were seeking more input/assistance with tax and compliance when it…
Investors are still not rushing back into shares, managed funds or property. Many are still cautious about current trends in particular overseas markets and debt bail outs of countries such as Greece and Spain. The December SMSF Investor Intentions Index reported that the concern level for investors for SMSF Investors is 6.4 out of 10,…
For the majority of cases a self managed super fund that has a a bank account or shares will not require a declaration of trust or acknowledgement of trust, as the asset title will clearly show it as being held on behalf by the trustees for the SMSF. There are certain assets where titles do…
To declare a trust relationship between the asset and trustees of a self managed superannuation fund two documents can be executed.The documents are similar but you should consider your circumstances and which document you need to execute. Declaration of Trust This is used where the trustees intends to acquire the property for and on behalf…
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…