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Category: Blog

What happens if minimum pension requirements are not met
01 Feb, 2013

ATO has clarified what the consequences are if minimum pension payment is not made: - A pension account ceases form the beginning of the financial year. The payments made already are lump sum withdraws. The SMSF will not be able to claim exempt pension income - A new pension starts if the minimu..Read More

ATO has made changes to Trustee declaration (NAT 71089) and Self-managed super funds – key messages for trustees (NAT 71128).
19 Dec, 2012

As a result of ATO review, changes have been made to both documents. The most notable changes to the 2012 version of the Trustee declaration are the following inclusions: requirement that the investment strategy be regularly reviewed consideration of whether the fund should hold insurance c..Read More

Certain arrangements to acquire property by SMSF contravene super law
26 Nov, 2012

ATO has recently issued Taxypayer Alert TA 2012/7 that describes certain arrangements entered into by self-managed super funds (SMSFs) to acquire property which do not comply with super law. SMSF trustees and advisers need to exercise care when investing in property. It is important to ensure any..Read More

SMSF updates from Mid-Year Economic and Fiscal Outlook 2012-13
25 Oct, 2012

Key new tax and superannuation measures announced by the government include: 1. tax exemption for earnings (including capital gains) on assets supporting superannuation income streams to continue following the death of a SMSF member in the pension phase until the deceased member's benefits have b..Read More

Obligations and responsibilities for SMSF trustees
29 Aug, 2012

New measures were introduced by Stronger Super on 7 August 2012 that require SMSF trustees: -       to conduct a review of the fund's investment strategy on a regular basis -       to consider insurance for fund members as part of the fund's investment strategy -       to ..Read More

Deductibility of premiums for TPD cover paid by a SMSF
29 Aug, 2012

On 7 July 2012, the Commissioner issued TR 2012/6. The Ruling states that a complying superannuation fund can claim a deduction for an insurance premium on a TPD insurance policy paid for by the fund, if there is a connection between that payment and a current or contingent liability of the fund to..Read More

New requirements for SMSF electronic lodgement
20 Aug, 2012

The SMSF annual tax return combines income tax, regulatory and member information reporting obligations. From 1 July 2012, the SMSF annual tax return will not be able to be lodged electronically if: - no assets are nil at the end of financial year, or - member balances are nil at the end of f..Read More

ATO Self-managed super fund statistical report
17 Aug, 2012

The latest self-managed superannuation funds (SMSFs) statistical report is updated to December 2011. It includes the  information on the SMSF population, asset allocation and quarterly establishment rates. -In December 2011, there were 458,561 SMSFs in Australia. -On average, there are about ..Read More

Roll over a Term Allocated Pension (TAP) from industry fund to a SMSF
14 Aug, 2012

It is very important to examine when the Term Allocated Pension commenced because the Asset- test exemption (ATE) may apply. - Term Allocated Pension (TAP) purchased prior to 20 September 2004 are eligible for a 100% asset test exemption - TAP purchased from 20 September 2004 to 19 September 2..Read More

SMSF Trustees to value the assets at market value
09 Aug, 2012

The Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2) has been registered and requires trustees of self-managed superannuation funds (SMSFs) to value assets of the fund at their "market value" when preparing accounts and statements from the 2012–13 income year. A new operatin..Read More

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