With no further extension of relief by the Australian Securities and Investments Commission (ASIC) in sight, the 30 September deadline for legal entities, including self-managed superannuation funds (SMSFs), to obtain a Legal Entity Identifier (LEI) is fast approaching. “From 1 October, a range of Australian financial services entities – including funds, brokers/traders as well as... Read more continue reading
10
Sep
2019
Can an SMSF be used to develop a property? Yes, but there are some superannuation compliance issues that arise when considering whether to develop a property in your SMSF. John and Mary want to knock down and rebuild a property in their SMSF Let’s consider an example of John and Mary who own a property... Read more continue reading
05
Aug
2019
There has been a sharp increase in the average and medium establishment balances for self-managed super funds (SMSFs) – clear evidence that the quality of advice to the SMSF sector is improving and the key takeaway from the SMSF Associations Review of the Australian Tax Office’s SMSF Statistical Overview 2016-17. The statistics show that the... Read more continue reading
25
Jul
2019
The annual rate of Self-Managed Super Fund (SMSF) establishment has slowed, with just over 20,000 SMSFs being set up in the first quarter of 2019, down from the 40,000 established in late 2010, according to the latest Vanguard/Investment Trends SMSF Reports – the nation’s most comprehensive research into SMSF trustees and their advisers. Launched yesterday,... Read more continue reading
12
Jul
2019
John is the sole member of his SMSF and is the sole director of the fund’s corporate trustee. After seeking financial and tax advice on the benefits of owning a property in his SMSF, John decides to sell his investment property valued at $1m to his SMSF. As his SMSF’s available balance is $200k short... Read more continue reading
24
Jun
2019
Since the official introduction of self-managed superannuation funds (SMSFs) in 1999, they have become a significant part of Australia’s $2.6 trillion[1] superannuation sector. At the end of 2018, with assets worth $728 billion, SMSFs represented 27 percent of the total super sector. Bound by an array of rules and regulations, this article, sponsored by GSFM... Read more continue reading
03
Jun
2019
While the Morrison Government is proceeding with its proposal to permit Jumbo SMSFs with 5 or 6 members, will Jumbo SMSFs have to have a company as trustee? This answer is determined by the legislation of the state or territory which applies to the SMSF. In summary, some jurisdictions do permit having 4 or 5... Read more continue reading
03
Apr
2019
John and Mary, a married couple, are members and individual trustees of their SMSF and their benefits in the fund represent 10% (John) and 90% (Mary) of the total value of the fund respectively. John is a foreign person for the purposes of the surcharge duty in NSW. Is the SMSF subject to surcharge duty... Read more continue reading
19
Mar
2019
SMSFs suffer no pain from Hayne Two key issues on Superannuation from the Hayne Royal Commission were Agency Conflict and Invisibility of Fees (especially for no service). These two issues could be summarised as essentially poor and conflicted governance. These structural issues are not present in SMSFs – as, in general, members and the controllers... Read more continue reading
15
Mar
2019
Document provider, SuperCentral, gets calls from SMSF clients weekly asking where their trust deeds are stored. Peter Townsend from SuperCentral said that he sometimes feels like he is running a detective agency. “We are often asked to provide a signed copy of a fund’s deed, usually at a time when it is of utmost importance,... Read more continue reading
05
Mar
2019
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