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…
The ATO is focusing on exempt current pension income as more superannuation funds are moving towards pension phase. In ATO ID 2012/47 attention has been drawn to the fact that many superannuation funds may be under claiming the level of tax deductions they may be entitled to. Further background TR 93/17 deals with income tax…