SMSF Tech

Compliance failures common in super fund advice to members

Less than half of the financial advice provided by superannuation funds to their members was fully compliant with advisers’ best interests duty and related obligations, a review has found. And a significant number of members were at risk of suffering…

Picking the brains of leading SMSF investors

Self-managed super fund trustees tend to have a very stable approach to Australian equity investment. They like the big stocks, especially the ones that pay high dividends, and they like to hold them long term. Online broker SelfWealth has launched…

ATO gives further clarification on Aussiegolfa

The Australian Taxation Office has provided a further update on the implications of the Aussiegolfa case, confirming its view that a self-managed super fund trustee could contravene the sole purpose test by investing in a sub-fund of the DomaCom Fund…

ATO clarifies its approach to investment in DomaCom funds

Fractional property investment company DomaCom has received clarification from the Australian Taxation Office about its approach to compliance when a self-managed super fund invests in a DomaCom property sub-fund and where a related party of the SMSF may be a…

AAT case sheds light on NALI rules

The question of whether the payment of dividends to a self-managed super fund from a private company was a non-arm’s length transaction involved more than a consideration of the relative amount of dividends paid. It also involved a consideration of…

ATO warns on early release

In the wake of the jailing of an operator of an illegal early release of superannuation scheme, the Australian Taxation Office has issued a warning to self-managed fund trustees to make sure they only release money from their fund when…

ATO keeps up the pressure on SMSF compliance

Around 3500 self-managed super fund trustees have been disqualified over the past 20 years by the Australian Taxation Office, which says it is using increasingly sophisticated data and intelligence to monitor compliance. The ATO marked the anniversary of 20 years…

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…