Any mention of the word “audit” is likely to elicit a frustrated groan or a fearful shake of the head from many of us, but what self-managed superannuation fund (SMSF) trustees need to realise is an audit can be a good thing. As tedious as it may sound, an audit is useful in providing an […]
Self Managed Super Funds
An SMSF is a private superannuation fund, regulated by the Australian Taxation Office (ATO) that you manage yourself. Here you will find important updates and information for SMSF trustees and those considering starting their own self-managed superannuation fund.
In general terms, there is a prohibition on superannuation funds borrowing money, however an exception to this rule enables self managed superannuation funds (SMSFs) to borrow in order to acquire certain assets. These borrowing arrangements are strictly regulated. When borrowing to acquire an asset, the fund takes out a loan on a ‘limited recourse’ basis, […]
The continued solid growth in self managed superannuation funds (SMSFs) indicates that plenty of Australians consider themselves at least as capable of successfully managing their retirement savings investments as the professionals (or perhaps more so). But some in the industry are concerned that the growth in SMSF numbers is not necessarily a good thing, with […]
More than 90% of recently established self managed superannuation funds (SMSFs) operate under an individual SMSF trustee structure rather than a corporate trustee arrangement, according to statistics released by the Tax Office. Although the latter is the less utilised option, does that mean it is the less wise choice? We examine the pros and cons […]
A self managed superannuation fund can have no more than four members to remain ‘compliant’ and it is not altogether uncommon for an SMSF to comprise a mum, a dad and two adult children. Superannuation legislation however requires that each member be a trustee of the fund. When introducing this requirement, the government stated: ‘The […]