Category: Blog
How to deal with suspended or delisted stocks when winding up your SMSF?
When your wind up your SMSF, if the stock in which you had invested has been suspended and there is no guide for reinstatement, you should follow the guidelines as below: - if it has been suspended for a long time, the SMSF may dispose of the stock using an off market transfer to any party; - the ..Read More
SMSF Trustee Disputes
If one of your SMSF trustees has failed to act in the best interest of the fund members, the SMSF's compliance status may be at risk even other trustees adhere to their responsibilities. Recently, we have an SMSF client who has trustee disputes and the scenario can be summarised as below: ..Read More
How long does it take for ATO to process a new SMSF application?
Normally your SMSF will be up and running in a few hours if your SMSF is set up by iCare Super. However, some events may trigger an ATO review for a managed super fund (SMSF) applications. These events can be as below you have outstanding personal or business tax returns kodgement; your..Read More
Who Signs the Contract of Sale for Property Purchase in the SMSF?
There are three options you can sign the contract of sale for the property purchase: The Bare Trust Trustee In DKLR Holdings Co (No 2) Pty Ltd v Commissioner of Stamp Duties (NSW), it was held that double duty may apply where the purchaser in the contract is the trust. Some lawyers suggest..Read More
SMSF purchasing/selling cows and cattle
SMSF trustees needs to understand some very important basics that they must meet AND DOCUMENT HOW, in the investment strategy. -Have you discussed the set-up with a Financial Planner with relevant experience? -Have you got a documented plan: how it operates, who is responsible for what, ho..Read More
SMSF custodian trust (bare trust) needs to be stamped in NSW
The custodian trust or bare trust deed needs to stamped when you purchase an investment property in your SMSF. Revenue NSW does not allow agent to duty stamp bare trust deed, therefore you need drop the required documents to one of the Revenue NSW offices or post them using registered mail or exp..Read More
How to purchase a vintage or classic car in the SMSF?
Vintage vehicles are allowable assets by iCare Super. Please make sure you follow the guidelines as below to avoid compliance issues for this investment in your SMSF: - Store the vehicle at a storage facility that all members are unable to have present day benefit. Storing at unrelated par..Read More
Reminder for SMSFs on PAYG withholding reporting obligations
You have PAYG withholding obligations for super benefits you pay to members who are: under 60 and the benefit is an income stream (pension) or a lump sum under 60 and the death benefit is a pension which is a capped defined benefit income stream where the deceased was 60 or over when they di..Read More
ATO guidance on new labels in 2019 SMSF annual return
New questions have been added to the 2019 SMSF annual return to report: -whether Part A of the audit report was qualified, in addition to Part B -the outstanding limited recourse borrowing arrangement (LRBA) amounts for each member -cryptocurrencies, which were previously reported at the 'other..Read More
Can I sell my SMSF properties to myself?
You or your relatives can buy residential or commercial properties owned by your SMSF. If this is the case, you need to follow the following guidelines: obtain an independent valuation for the property engagement a conveyancer/solicitor who is experienced in SMSF property transactions ..Read More