The speculation over Australian economic downturn and rising unemployment has motivated trustees to invest overseas. When an SMSF pays foreign tax on foreign income, foreign tax credits can be claimed on that income according to Section 770.75 of the Income Tax...
Updated: September 2026 Can an SMSF sell property to a member or related party? Yes — an SMSF can generally sell property to a member or related party. However, the transaction needs to be carefully managed to ensure it is conducted at market value and on arm’s length...
Understanding and maintaining tax components of a member superannuation account is important as it will determine the quantum of tax payable when benefits are paid out. Tax-free and taxable components The tax-free and taxable components can change over time and are...
Trustees of self-managed superannuation funds (SMSFs) are required to prepare financial statements in accordance with the accounting policies as per the requirements of the SIS Act 1993 and SIS Regulations 1994. There is no requirement for a superannuation fund to...
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...
Establishment expenses incurred (including costs to establish a corporate trustee, if there is one) for setting up a self-managed superannuation fund does not qualify as a deduction under ITAA 97 s40-880 as the super fund has not necessarily incurred the expenses in...
