SMSF recent changes

Written by admin Posted in SMSF Guidance

Summary of superannuation changes Recent changes to SMSF legislation: Concessional contributions cap Superannuation guarantee contributions Information on Employee Payslips Low Income Super contributions Changes to Tax Concessions Provided to Very High Income Earners Changes to Excess Contributions Tax Changes to SMSF levy SMSF auditor registration Off – market transfers Market Valuation Investment  Strategy requirements Unclaimed […]

Winding up an SMSF

Written by admin Posted in SMSF Guidance

Winding up an SMSF is similar to closing down a company. An SMSF might be wound up because: The SMSF never had any funds in it – in this case the wind up process is fairly straightforward All the benefits may have been paid out of the fund To wind up your SMSF you will […]

What to do when a Trustee become a disqualified person

Written by admin Posted in SMSF Guidance

An SMSF trustee becomes disqualified person There are consequences when a trustee of an SMSF becomes a ‘disqualified person’. Trustees include directors of a corporate trustee of an SMSF. If you are a trustee and become a disqualified person, you are not allowed to remain a trustee. Removing yourself as a trustee If you become […]

SMSF annual return cannot be lodged until the SMSF has been audited

Written by admin Posted in SMSF Guidance

Before the Annual Return for SMSFs can be lodged, there are 2 requirements that needed to be met: [gn_list style=”arrow”] Firstly, the Super laws require that SMSFs have their accounts, statements and compliance audited each year. Secondly, you need information from the audit report to complete the regulatory information in the return. [/gn_list] As your […]

What is a trust deed

Written by Hein Preller Posted in SMSF Guidance

A trust deed is a document setting out the main rules for the SMSF. The ATO is the regulator of SMSF’s and set out the minimum criteria a trust deed should address, e.g. the Fund’s objectives, who the trustees and members are and when benefits can be paid. There are many deed providers selling SMSF […]

The Government co-contribution

Written by Hein Preller Posted in Contributions

We just added in a new page regarding the Government co-contribution . See this page:   A little-know secret of Super – you can add your children in as members to a SMSF and let them get the government co-contribution.  

Excess Contributions Question

Written by Hein Preller Posted in Contributions

With excess contributions, the initial rollover doesn’t classify as a contribution does it? So for instance I put in 55k when I rolled over then my wife put in 31k, would it only be the amounts in excess of that we put in each fin year that count towards the excess contributions? Am I right that we […]