Category: Blog
SMSs for SMSFs
To protect SMSF trustees' retirement savings from fraud and misconduct, the ATO will send trustees an email and/or a text message when changes are made within your self-managed super fund (SMSF). This system has been designed to issue an SMS and email when certain details are updated in the ATO sys..Read More
Employers need to pay further contributions on salary sacrificing amounts from 1 January 2020
This new superannuation contribution obligation will start from 1 January 2020. The employer is required to pay further 9.5% superannuation contributions on the salary sacrificing amounts. For example, employee's salary package includes: $100,000 salary + $9,500 employer contributions + $..Read More
How many SMSFs in Australia?
Based on ATO's recent Self-managed super fund quarterly statistical report – June 2019, the latest statistics on the self-managed super fund (SMSF) sector includs: there are 599,678 SMSFs there are 1,125,201 members of SMSFs the total estimated assets of SMSFs are $748 billion the to..Read More
Do SMSF auditors use the eSAT reference material?
The ATO is planning to replace its Electronic Super Audit Tool (eSAT) and is considering whether or not the reference material should be maintained on the ATO website. The ATO is seeking feedback from SMSF auditors on whether they find the reference material useful, which parts they would lik..Read More
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 tr..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: -Arun ..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 lodgment; your ..Read More
Who Signs the Contract of Sale for Property Purchase in the SMSF?
There are four commonly seen options for signing the contract of sale for a property purchase in an SMSF using LRBA, but we only recommend the first one for our SMSF clients. Bare Trustee as Trustee for the Bare Trust This is commonly used for our clients because the bare trust trustee is th..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
If you borrow to purchase an investment property, a custodian trust or bare trust deed must be set up to hold the title of the property. Some states and territories may not require you to stamp the custodian trust or bare trust deed. However, in NSW, the custodian trust or bare trust deed ne..Read More