Category: Blog
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
ATO has established a disqualified SMSF trustee register
ATO has introduced a disqualified trustee register that will help SMSF administrators, professionals and other trustees to search for the details of a particular trustee. The main features of the register are as below: - the register will be maintained and updated by ATO on quarterly basis - ..Read More
2019 Federal Budget: what it means to your SMSF
There are four major positive changes in regards to superannuation and SMSFs and they can be summarised as below: Work test changes From 1 July 2020, SMSF members aged 65 and 66 can make both concessional and non-concessional contributions without meeting the Work Test. The current Work Test re..Read More
Notice of compliance for new SMSFs
ATO has changed the timeframe to issue notice of compliance for newly registered SMSFs. Before March 2019, new SMSFs' status is "Registered – status not determined". This status is only changed to "complying" after the first return is lodged and there is no compliance issue. After March 2019..Read More
Can an SMSF purchases a residential property with member’s partner?
An SMSF trustee can buy an investment residential property using tenancy in common or partnership structure. However, the following are issues associated with this transaction: 1. Member is unable to live in property whilst an asset of the fund. 2. The member can receive an inspecie lump ..Read More
Common audit issues with SMSFs having crypto-currencies
SIS Act does not have any restrictions on cypto-currency investment. However the permanent documents needs to be reviewed before making such investment: Does the SMSF trust allows such investment? Does the investment strategy allow such investment? Is there any risk management statement ..Read More