Category: Blog
In-specie Transfer Unlisted Unit Trust or Other Assets Due to Marriage Breakdown
In the event of a marriage breakdown, you can transfer the assets to another SMSF without paying any capital gain tax. If the transfer is due to a court order, or formal Superannuation splitting agreement - a CGT roll over relief may be available. (Sec126-140 ITAA97 Family Law Act) To be eligi..Read More
Is the Bare Trust (Custodian) Trustee Company a Special Purpose Company?
As per ASIC, the definition of the special company can be found as below: What is a special purpose company? Definition of special purpose company is under paragraphs (f) of Regulation 3 of the Corporations (Review Fees) Regulations 2003 and it states that ; the constitution of the co..Read More
Early Access Due To Financial Hardship
You can access your SMSF member balance early if you meet the following conditions due to financial hardship: 1. Must have been receiving Commonwealth government support continuously for at least 26 weeks 2. The money is needed to meet reasonable and immediate family living expenses 3. Obta..Read More
How to Set Up a Self Managed Super Fund
Setting up a self managed super fund involves five major steps that are necessary for the entire process. Once these five steps have been accomplished, your self managed super fund will be established and ready to start growing your retirement funds. Step 1 – Establishing the Self Managed Super..Read More
How Much Does It Cost to Set Up a SMSF?
Anyone showing interest in setting up a self managed super fund wants to know how much it will cost. There is, in fact, no definitive answer to this, as the actual cost in setting up the trust depends on a number of aspects. There is a lot of information available to give potential members an ide..Read More
What Are the Costs Associated With a SMSF?
While saving for your retirement is a good plan, it can be costly. Of all the different options available, self managed super fund offer better transparency and lower costs because you and the other trustees of the fund do all the administrative duties yourselves. A self managed super fund may no..Read More
What Can You Invest in With a SMSF?
The increased control you have over your self managed super fund is what makes it an appealing option. It gives you, and the other members of the trust, the opportunity to determine the best investment strategies. Your investment strategy should reflect your risk profile, your tolerance, your liq..Read More
Does a SMSF Need an ABN?
A self managed super fund, or SMSF, does need to obtain an ABN. This is an Australian business number for a super fund structure which can be obtained, or applied for, when the SMSF is registered with the ATO (the Australian Tax Office). Before this can happen, the SMSF must prove to be compliant wi..Read More
Who Can Be a Member of a SMSF?
Even though a SMSF is, in essence, self managed, there are rules and conditions surrounding it. These include who can be members of the SMSF and who can be the trustees. It is easy to say that virtually anyone can be a member as long as they are tax residents of Australia, but a SMSF isn’t for eve..Read More
How Many Members Can a SMSF Have?
A SMSF, or self managed super fund, can have anything from one to four members at the most. It is the members or a company that one or more members direct that become trustees of the SMSF, but regardless of who the trustees are, each member of the SMSF collectively pools resources and votes on every..Read More