Self Managed Superannuation Funds (SMSF) are a form of trust which receives concessional tax treatment if they comply with the SIS legislation and regulations. To set up a SMSF, a trust deed is purchased, often through a qualified accountant, so there are expenses incurred prior...
Self-Managed Superannuation Funds (SMSFs) are allowed to borrow (refer s67(A) SIS Act), when the ‘single’ asset purchased is held in trust until the loan is repaid by the SMSF, and the asset is then transferred from the trust to the SMSF. A Limited Recourse Borrowing Arrangement...
As of 1 July 2013, the Superannuation Guarantee (SG) percentage will rise from 9% to 9.25% with a stepped increase to 12% by 2019. This is certainly a much needed boost for superannuation but at what cost to Australian businesses and their employees? Are the changes...
As of 19 March 2013 TABS - Super Fund Auditors are officially registered SMSF auditors with ASIC.....
The existing $50,000 transitional cap for people 50 years old or older does not apply to the 2012-13 financial year. You may want to review the amounts you plan to contribute into super to avoid exceeding your cap of $25,000 for the 2012-13 year.....
The compulsory super rate is increasing over the next 7 years from the current 9% to 12% by 2020. As of 1 July 2013 all employers will be required to contribute 9.25% to super for all eligible employees. Employees aged 70 and over, from 1 July...
TA 2012/7: The ATO has become aware that certain arrangements entered into by self managed superannuation funds (SMSFs) to acquire property do not comply with superannuation law. The purpose of this Taxpayer Alert is to warn SMSF trustees and advisors to exercise care; ensuring any arrangements...
The ATO website has a good summary of the legal protection available to SMSFS - in summary, SMSF trustees need to take preventative steps to avoid future problems such as always requiring 2 signatures on super fund cheques. http://www.ato.gov.au/content/00327490.htm....
On 7th August 2012 the Government's Stronger Super reforms introduced two key changes to SIS Regulation 4.09 i.e. Investment Strategies effective for the 2012/2013 year and onwards. Trustees of SMSFs must now consider: 4.09(2)(e) "whether the trustees of the fund should hold a contract of insurance that...