SMSF Updates
ATO has made changes to Trustee declaration (NAT 71089) and Self-managed super funds – key messages for trustees (NAT 71128).
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 cover..Read More
Certain arrangements to acquire property by SMSF contravene super law
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 a..Read More
SMSF updates from Mid-Year Economic and Fiscal Outlook 2012-13
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
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 value ..Read More
ATO SMSF Compliance program 2012-13
In 2012/13 financial year, the focus of ATO SMSF compliance activity will be on: new trustees, to ensure they can operate their SMSF and are not seeking to illegally access their retirement benefits lodgment of fund annual returns to improve timeliness and also, in the case of new funds, to ens..Read More
Deductibility of premiums for TPD cover paid by a SMSF
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
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
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 30,0..Read More
Roll over a Term Allocated Pension (TAP) from industry fund to a SMSF
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 2007 ..Read More
SMSF Trustees to value the assets at market value
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