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Can an SMSF borrow money to pay superannuation benefits?
Trustees of a Self-Managed Superannuation Fund (SMSF) are prohibited from borrowing or maintaining an existing borrowing of money under subsection 67(1) of Superannuation Industry (Supervision) Act 1993 (SISA) except in very limited circumstances as listed under...
The do’s and don’ts of the Downsizer Contribution
The downsizer contribution allows individuals, who may be prevented from making superannuation contributions due to their age, work status, contributions caps or their total superannuation balance, the ability to make superannuation contributions using some of the...
Excess superannuation contributions
There is no restriction on the amount of money that can be contributed into a self managed superannuation fund (SMSF). However, superannuation contributions above certain contributions caps do not receive concessional tax treatment. The two main types of...
Trust account reporting legislation
Various industries within Australia hold or receive money on behalf of others. The entities operating within these industries, are required to open and manage a separate trust/client bank account under the relevant legislation, based on their industry. In order to...