Have you considered what you will do if an unexpected event occurs? Your SMSF is a long-term plan. Much can happen during this time including illness, incapacity or death of a member. It is best practice to have contingency plans in place to deal with unexpected events. For example, if a fund member dies, leaving [...]
You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own. What are franking credits and how do they benefit SMSFs? Under the Australian tax system companies [...]
Ensure you avoid these 4 common breaches. (A breach occurs when a fund fails to comply with the Superannuation law). • Loans made to related parties • More than 5% in-house assets (related party investments, with some exceptions) • Assets not held in the correct name • Documents requested by auditors were not provided When [...]
Self-managed super funds (SMSFs) allow people to control their own super investments for their retirement. If you set one up, you’re responsible for running it in accordance with the law and reporting to the ATO on its operation. Benefits of a SMSF include: Control over your investments. More investment flexibility. Lower fees on average than [...]
