For an SMSF, the term “related party” is relevant for the purposes of the prohibition on the acquisition of assets by the fund and the in-house asset investments of SMSF. A “related party” of a superannuation fund means any of the following: A member of the fund or a...
To be a complying Australian superannuation fund and receive tax concessions, your SMSF needs to be a resident regulated super fund at all times during the income year for tax purposes. Conditions to be met The residency test has three conditions and your fund must...
The rules around SMSF trustees conducting a review of their fund’s investment strategy have been tightened. The review is designed to ensure that the investment strategy continues to reflect the purpose and circumstances of your fund and its members. The...
Your preservation age is the first pre-condition to access your super benefits. It is a common misconception that age is the only factor to access your superannuation benefits. The requirements of the SIS legislation requires that a condition of release also needs to...
There has been a change to the Superannuation Regulations (SISR 1994), wherein SISR 4.09(2)(e) has been added which requires the trustees of an SMSF to consider whether any insurance cover should be retained, increased or taken out in the SMSF. As the requirement to...
Regulation 8.02B, applicable for reporting years on or after 30 June 2013, requires all assets in the SMSF financial statements to be valued at market value. The regulation requires that valuations should be based on objective and supportable data. The diagram below...
