retirement

Bankruptcy, SMSF trusteeship, and trust deed safeguards

  Bankruptcy is a serious issue for anyone, but additional caution needs to be taken by members/trustees of SMSFs. Jeff Song, solicitor at Townsends Business & Corporate Lawyers, says that superannuation law expressly disqualifies any undischarged bankrupt person from acting as a trustee, or director of a corporate trustee, of an SMSF. He also reminds

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Event based SMSF reporting: Update on frequency

  Gabriela Rusu looks at the ATO’s final position on the event based reporting framework for the SMSF sector, as well as some of the myths surrounding this reporting. Late last year, the ATO released information in relation to how often SMSFs should report events to the ATO that affect an individual’s transfer balance account

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How much do you need to retire?

How much do you need to retire? When it comes to superannuation and retirement savings, it seems that size really does matter. There are other considerations of course, but for the most part the focus will be on finances when people aim to “improve” their post-work life prospects. The question of how much retirement savings

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SMSF news just keeps getting better

The ATO has just released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some

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SMSF trustees are getting more used to outsourcing

Applying psychological “types” to professional cohorts is nothing new, and has even been used in the SMSF arena to classify trustees. About five years ago, independent research group CoreData identified three key types of SMSF trustee — “controllers”, “coach-seekers”, and “outsourcers”. The controllers were initially considered the biggest representative group, and typically represented the traditional

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