SMSF- Trustee Declaration A trustee declaration highlights the important duties and responsibilities expected of an SMSF trustee or member. There are five key duties and responsibilities that trustees must understand: It is the responsibility of the trustee that the fund is run for the sole purpose of providing super to its members when they retire […]
SMSF and Property Buying properties through an SMSF should comply with rules set by the government. The SMSF property must: Meet the sole purpose test which is to provide retirement benefits to the members of the fund Was not acquired from a related party of a member Not be lived by any member or trustee […]
SMSF Paying Benefits SMSF can pay a member’s super benefits when a member reaches his or her preservation age or meet one of the conditions of release like retirement. The SMSF benefits may be paid through an income stream or pension or through a lump sum, depending on the circumstances. If a benefit is unlawfully […]
SMSF SuperStream FAQs SMSF Superstream is a system utilised by employers in order to make their superannuation guarantee payments to super funds. Using this system, money and data are encoded in a standard format and sent via electronic means. The standard format data is transferred between employers, super funds, the ATO and other service providers. […]
Self-Managed Super Fund (SMSF) Topics Collectibles Collectables and personal-use assets like artwork, antiques, jewellery, vehicles, boats and wine should be for retirement purposes and should not provide present-day benefits. These items cannot be leased to or used by any related party. They cannot be stored or displayed in a private residence of any related party. […]
SMSF Wind Up SMSFs are usually set up because they meet the needs of the members at that time. But sometimes, things change making the SMSF not always right for you anymore. Because of this, you should regularly review your circumstances and decide whether to continue the fund or if you should wind it up. […]
Self-Managed Super Fund (SMSF) – Planning for the Unexpected Planning ahead for your self-managed super fund is important. As trustees, you should have plans on what to do in case a relationship breaks down or if a member becomes incapacitated or dies. A few things to consider when making your SMSF plans: Plan for what […]
SMSF Assets and Investments Separation of Assets It is the responsibility of a trustee to make sure that the SMSF assets are kept separate from personal assets. This is a requirement for super laws and it protects the asset of the fund from personal financial disputes. It also removes the risk that the assets will […]
SMSF Individual Trustee Or Corporate Trustee Self-managed super funds are created and managed according to the superannuation laws. It requires trustees of the fund to control and make decisions for it and ensure that it is compliant to super rules and laws. Retail funds have the board of trustees to make decisions for the fund […]
Self-Managed Super Fund Payments and Conditions Planning for Retirement Before you retire, plan ahead so that your funds are ready to make super payments once the time has come. Decide on how you will get your super fund payments, either through income streams or lump sum payments. Review your fund investments and make sure that […]