Category: Blog
Temporary rent reduction due to COVID-19
If your SMSF own a real property and wants to give the tenant – who can be a related party – a reduction in rent because of the financial impacts of the COVID-19. Charging a related party a price that is less than market value is usually a contravention. Given the impacts of the COVID-19, will t..Read More
Changes in 2020 SMSF annual return form
The 2020 self-managed super fund (SMSF) annual return (SAR) form will incorporate a few new changes and will be made available at the end of May 2020 by the ATO. The new changes: New label - property count: this label will reports how many investment properties held in trust under the LRB..Read More
Temporary early access to your SMSF member balance
The Government has allowed SMSF members affected by the Coronations to access up to $10,000 of their member balance for 2020 and 2021 financial years respectively. Are you eligible? You only need to satisfy one of the following conditions: you are unemployed; you are eligible to receive a job..Read More
50% reduction of minimum pension payment for both 2020 and 2021 financial years
The minimum payment requirement for the following pensions in your SMSF has been halved by the Governments on 22/03/2020. account based pensions allocated pensions market linked pensions This applies for both 2019/2020 and 2020/2021 financial years. The reduced rates based on the age of the..Read More
Super guarantee amnesty now law
The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received assent as Act No 21 of 2020 on 6 March 2020. The Act introduces a one-off amnesty for historical underpayment of superannuation guarantee (SG) that begins on 24 May 2018 and ends six months after the Bill receives..Read More
Top five errors in SMSF annual returns
The general due date for self-lodgment of the annual return for new SMSFs is 28 February. For existing SMSFs without overdue tax returns, the due date is 15 May. The ATO has identified the most common errors it sees in these returns. These include: annual returns not having a unique b..Read More
Can money owing to the SMSF be written off or foregone?
Recently we have an SMSF client who sold the artwork owned by the SMSF to a private buyer for $20,000. The buyer has not paid the costs in full so far. The client has tried to recover the debt but the buyer has moved overseas and been reluctant to pay the remaining balance. The question is if this..Read More
Transfers between trustees and custodians of superannuation funds or trusts
After the mortgage has been paid off, the property title in the name of the bare trust trustee can be changed to the SMSF trustee name(s). The following documents are required by Revenue NSW: Original executed transfer or agreement Statutory declaration by the transferee stating the detai..Read More
Property transfers between members and SMSF
SMSF members can transfer their real property in their personal names or related entities to their SMSF. To transfer the title to the SMSF, you will need to collect all the following documents and send them to Revenue NSW: Original executed agreement to transfer Copy of the SMSF trust deed A..Read More
Super co-contribution rules for 2020 financial year
You need to meet the following conditions first to be able to receive: have made personal super contributions to your super account before 30 June 2020 pass the income threshold and 10% eligible income tests be less than 71 years old by 30 June 2020 must be permanent resident or citiz..Read More