News : SMSF

Administration, Regulation, SMSF

SMSFs can report GST annually

ATO GST SMSF Reporting

SMSFs can save time and administrative costs by electing to report their GST obligations annually, provided they meet a certain set of conditions.

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Death benefits, SMSF, Succession Planning

Equity rule key to benefit payments

Equity SMSF Death benefit BDBN Reversionary pension

Understanding the rules of equity is essential in determining how superannuation death benefits will be paid out in a legal case.

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Education, Investments, SMSF, Superannuation

Facilitating the education of grandchildren

Education bond SMSF

SMSF trustees can make specific portfolio allocations that will enable them to fund the education expenses of their grandchildren.

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SMSF, Superannuation

SMSFs top member satisfaction again

SMSF Member Satisfaction Roy Morgan

SMSFs were the only part of the superannuation sector to record a positive level of satisfaction in a recent survey of fund members.

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Investments, SMSF

Dig deep into related-party concerns

related party investments SMSF

Consistently reviewing the relationships between parties to an investment is the most prudent way to ensure clients do not fall foul of the related-party rules.

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Retirement, SMSF, Superannuation

Definitions key to avoid retirement confusion

Superannuation Retirement definition Financial adviser Accountant Auditor Heffron Leigh Mansell

SMSF practitioners are confusing the definition of retirement for superannuation purposes, but need to be aware there are two ways to view this event taking place.

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Accounting, SMSF, Superannuation, Tax

Timeframe limits foreign transfers

Foreign superannuation fund Lump sum payment Timeframe SMSF Superannuation rules

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

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Death benefits, SMSF, Succession Planning

Smaller SMSFs more practical

SMSF Succession planning Governing rules Enduring power of attorney Membership of a fund

An SMSF containing a small number of people is likely to experience fewer issues when planning for the death or incapacity of a member.

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Compliance, Documentation, SMSF

Extended absence okay for control

SMSF central management and control Australian superannuation fund CMC

The central management and control test required for an SMSF can be satisfied even if trustees are located overseas for more than two years.

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ATO, Compliance, SMSF

Set-up scrutiny drivers revealed

ATO SMSF Establishment Set-up Compliance Scrutiny

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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