Category: Blog
How to contribute from age 65
If you are fully retired after you turn 65 years old, you can not make any non-concessional contributions. You also can not make any non-concessional contribution if you member balance exceeding $1.6 million regardless you meet the work test or not. There are still limited circumstances that y..Read More
Guideline on the changes to taxation of TRIS updated
The ATO has updated its guideline on the implementation of the changes to the taxation of transition to retirement income streams (TRIS), to reflect various recent legislative amendments. Practical Compliance Guideline PCG 2017/3 contains the ATO’s compliance approach for certain APRA-regulat..Read More
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 woul..Read More
How to deal with suspended or delisted stocks when winding up your SMSF?
When winding up your SMSF, if the stock you invested in has been suspended and there are no guidelines for reinstatement, you should follow the guidelines below: - If it has been suspended for a long time, the SMSF may dispose of it through an off-market transfer to any party. - The trustees sho..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