Self-Managed Super Fund Tips
Owning a self-managed superannuation fund can be a two-edged sword. On one hand it can provide you with greater control over your super and correspondingly, the possibility of a larger return on your investments over the life of your fund as compared with a traditionally managed super fund. On the other hand, the rules and regulations surrounding self-managed funds are complex and constantly changing, requiring those who venture down the SMSF path to be diligent in keeping abreast of these changes to ensure they remain compliant through the years.
Penalties can severely punitive (up to 46.5% of the value of the fund) if a fund falls out of compliance due to a breach of legislative requirements. So if you do own a SMSF, it is therefore highly important to stay proactive with your assets and keep in close contact with your adviser regarding all changes to SMSF legislation.
CRM can provide specialist advice in this area and can assist you through every aspect of compliance with your SMSF, particularly in the following areas:
- Contribution limits
- Establishment of pensions
- Strategies to minimise the death benefits tax
- Strategies to transfer assets into superannuation
- SMSF Gearing
- Legislative compliance including trustee responsibilities
- Dealing with superannuation benefits in estate planning
Below are some recent articles highlighting some key tips for people who manage their own super funds. Be sure to check back periodically as we will update this page with new articles often.
Recent SMSF Changes - What You Need to Know
This brief document by PKF Australia succinctly summarises the recent raft of changes to SMSF legislation. If you own a SMSF, this is essential reading as it will tell you what you need to know, in a nutshell.
SMSF Update
File Size 70KB
SMSF Borrowing Rules
Another gem from the team at PKF, this article canvasses the recent changes to the much discussed SMSF borrowing rules. How much can your fund borrow and from whom? Please note: Due to the complexities and risk associated with SMSF borrowing, it is not something that CRM advocates for its clients. This article is for informational purposes only.
File Size 36KB
The Federal Government's Cooper Review
Having reformed the tax system and the financial advisory industry, the Federal Government has now turned its attention to Australia’s Superannuation Industry with the release of the Cooper Report. The Cooper Review was engaged by the Government to review the superannuation industry with the aim of making superannuation simpler, safer and more efficient. The emphasis of the review is on reducing costs and increasing retirement benefits to members. Article courtesy of PKF Australia.
File Size 88KB
SMSF Succession Planning - Considerations
The SMSF trustee/member rules have implications for the succession and control of SMSF's upon the death or incapacity of members who are also the fund's trustees or directors of the corporate trustee. Timing and compliance are essential considerations in any successful succession plan, and the consequences of not attending to these considerations can be severe. Article written by David Davis and Ian Waters, courtesy of www.topdocs.com.au.
File Size 20KB
SMSF Borrowing – Case Studies
There are a variety of scenarios you may wish to pursue via a SMSF Borrowing. This article written by Michael Spakman summarises a few of the common scenarios– including the ones that work and the ones that require a little more thought. Article courtesy of www.topdocs.com.au. Please note: Due to the complexities and risk associated with SMSF borrowing, it is not something that CRM advocates for its clients. This article is for informational purposes only.
File Size 32KB
If you are just starting to think about setting up your own SMSF and would like more information, please visit the ATO website’s SMSF section or contact us for a free initial consultation.
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