When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same proportion as the tax-free and taxable components of the
The dramatic rise in value (and then fall) of bitcoin and other cryptocurrencies has sparked interest among SMSF trustees on its potential as an investment, particularly in a marketplace of low-interest rates, erratic sharemarkets and an easing in property. While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In
You may or may not subscribe to the belief that Australia faces a change of government in the near future. The arguments for and against and the volume of discussions held over the barbecue are likely to ramp-up in the time between now and the federal election. However one contentious consideration that SMSF trustees may
Royal Commission, market volatility: Is now really the time to move away from annual independent audits?
SMSF trustees still seem to be digesting the yet-to-be enacted proposal to move SMSFs to a three-year audit cycle. Tax & Super Australia (TSA) is highly concerned about the impact of this proposal on the integrity of the superannuation system in Australia. During a period of volatility where the financial services sector is facing
Peter Johnson, director of the national network of AFSL-licenced specialists The SMSF Expert, answers a question regarding a fund member with a TRIS that has drawn more than the 10% cap. Problem with over-withdrawing a TRIS, and the solution Problem with over-withdrawing a TRIS, and the solution Problem with over-withdrawing a TRIS, and the
A deadline that many SMSF professionals may have lost sight of is fast approaching — 1 January 2019. This is when new educational requirements for SMSF advisers start, and the Financial Adviser Standards and Ethics Authority (FASEA) takes over setting the educational and ethical requirements to be a financial adviser. Other important dates to
A discussion paper was issued by Treasury in the first week of July, titled “Three year audit cycle for some self-managed superannuation funds”. Among the more contentious proposals was that trustees should be able to self-assess their eligibility to conduct audits every three years, as opposed to the current standard of a yearly audit.
SMSF trustees may find that occasionally a particular form is needed to be able to complete an administrative task for the ATO. Rather than have you searching the vast labyrinth of the ATO’s website for SMSF forms, we thought it helpful to list some of the required forms here (you could even bookmark this
Limited recourse borrowing arrangements (LRBAs) were once all the rage in SMSF land. However, with the tightening of banking rules this frenzy has begun to abate somewhat over the last few years. LRBAs are great in a growing market as they allow an SMSF to grow the value of assets it holds in the
The acquisition of residential property from a related party of an SMSF trustee is ordinarily prohibited, even though this may form part of a sound investment strategy for the fund. There are however exceptional circumstances where such a prohibition does not apply. There is a certain exemption available under s66 of the Superannuation Industry