Category: Blog
SMSF purchasing/selling cows and cattle
SMSF trustees needs to understand some very important basics that they must meet AND DOCUMENT HOW, in the investment strategy. -Have you discussed the set-up with a Financial Planner with relevant experience? -Have you got a documented plan: how it operates, who is responsible for what, ho..Read More
SMSF custodian trust (bare trust) needs to be stamped in NSW
If you borrow to purchase an investment property, a custodian trust or bare trust deed must be set up to hold the title of the property. Some states and territories may not require you to stamp the custodian trust or bare trust deed. However, in NSW, the custodian trust or bare trust deed ne..Read More
How to purchase a vintage or classic car in the SMSF?
Vintage vehicles are allowable assets by iCare Super. Please make sure you follow the guidelines as below to avoid compliance issues for this investment in your SMSF: - Store the vehicle at a storage facility that all members are unable to have present day benefit. Storing at unrelated party pre..Read More
Reminder for SMSFs on PAYG withholding reporting obligations
You have PAYG withholding obligations for super benefits you pay to members who are: under 60 and the benefit is an income stream (pension) or a lump sum under 60 and the death benefit is a pension which is a capped defined benefit income stream where the deceased was 60 or over when they di..Read More
ATO guidance on new labels in 2019 SMSF annual return
New questions have been added to the 2019 SMSF annual return to report: -whether Part A of the audit report was qualified, in addition to Part B -the outstanding limited recourse borrowing arrangement (LRBA) amounts for each member -cryptocurrencies, which were previously reported at the 'other..Read More
Can I sell my SMSF properties to myself?
You or your relatives can buy residential or commercial properties owned by your SMSF. If this is the case, you need to follow the following guidelines: obtain an independent valuation for the property engagement a conveyancer/solicitor who is experienced in SMSF property transactions stamp ..Read More
ATO has established a disqualified SMSF trustee register
ATO has introduced a disqualified trustee register that will help SMSF administrators, professionals and other trustees to search for the details of a particular trustee. The main features of the register are as below: - the register will be maintained and updated by ATO on quarterly basis - ..Read More
2019 Federal Budget: what it means to your SMSF
There are four major positive changes in regards to superannuation and SMSFs and they can be summarised as below: Work test changes From 1 July 2020, SMSF members aged 65 and 66 can make both concessional and non-concessional contributions without meeting the Work Test. The current Work Test re..Read More
Notice of compliance for new SMSFs
ATO has changed the timeframe to issue notice of compliance for newly registered SMSFs. Before March 2019, new SMSFs' status is "Registered – status not determined". This status is only changed to "complying" after the first return is lodged and there is no compliance issue. After March 2019, af..Read More
Can an SMSF purchases a residential property with member’s partner?
An SMSF trustee can buy an investment residential property using tenancy in common or partnership structure. However, the following are issues associated with this transaction: 1. Member is unable to live in property whilst an asset of the fund. 2. The member can receive an inspecie lump sum (b..Read More