SMSF Tech

SMSFs not for the faint hearted, ASIC warns

The Australian Securities and Investment Commission (ASIC) has launched a campaign warning future self-managed super fund trustees of the high costs and risks associated with having an SMSF. ASIC’s latest fact sheet estimates that the average cost of running an…

Take care when adding family members to your SMSF

The decision to include other family members in a self-managed fund is not straightforward, as it involves bringing in members with different investment horizons and requirements. HLB Mann Judd superannuation director Andrew Yee says his firm is seeing more couples…

SMSF borrowers may have to recalculate their balances

A change to limited recourse borrowing arrangements, included in new superannuation legislation, may make borrowing a less popular option for members of self-managed super funds. The outstanding balance of borrowings of self-managed superannuation funds will, in certain circumstances, have to…

ATO cracks down on late lodgers

The Australian Taxation Office has sent out of reminder to SMSF trustees that new rules apply to late lodgment of annual returns next month. From October 1, if an SMSF is more than two weeks overdue on any annual return…

Contribution doubling strategy

Because concessional contributions to superannuation allow you to claim a tax deduction against personal income, they are a valuable entitlement for anyone wanting to minimise their taxable income. While the annual opportunity to make concessional contributions is restricted to just…

Review of SMSF advice rules needed

The tightening up of regulations covering financial advice has made it hard for trustees of self-managed super funds to get basic advice about their SMSFs. The SMSF Association has called for a review of the regulatory structure of SMSF advice…

Carry forward rule kicks in

Since the start of the financial year, super fund members have been able to use new unused concessional cap carry forward rules to increase their contributions. The five-year carry forward period started on 1 July 2018, so the 2019/20 year…

Estate planning 101

When Peter Dawson died in 2015 he left an SMSF with a balance of $1.4 million, an ex-wife who was also a member of the fund and children from other marriages. He did not make a binding death benefit nomination.…

Single-asset SMSFs on notice

The Australian Taxation Office will contact more that 17,000 self-managed super fund trustees and their auditors, where the SMSF is holding 90 per cent or more of its funds in one asset or a single asset class. The ATO says…

SMSF asset allocation shifts to international funds

The investment portfolios of self-managed super funds have shifted slightly away from listed shares and cash over the past year and taken on more managed investments. The latest Class SMSF Benchmark Report, covering the June quarter, shows that the listed…