Why a trustee representation letter is important?

Why a trustee representation letter is important?

Self-managed super funds (‘SMSFs’) are entitled to tax concessions on their investment income but only if they comply with the Superannuation Industry (Supervision) Legislation. This includes being audited each year by a registered SMSF auditor. Under the Guidance...

Super contributions for members beyond 75 years

If you are 75 years or older, the super fund cannot accept any voluntary (concessional and non-concessional) contributions from you apart from mandated (super guarantee) employer contributions which can be contributed at any time regardless of age. However, the SIS...

The Enduring Power of Attorney

Section 17A of the SIS legislation sets out the conditions that a fund must satisfy in order to be a SMSF. One important requirement is that each member of an SMSF must also be a trustee of the fund or a director of the corporate trustee. Except in the case of single...

Can your SMSF sell property assets to a related party?

Self-managed superannuation funds (SMSFs) over the past few years have become the retirement vehicle of choice due to the flexibility that trustees have over investments and effective low tax rates. SMSFs are also an effective tool for estate planning, as it allows...

Individual trustees VS corporate trustees

CriteriaIndividual trusteesCorporate trustees Asset protectionIndividual trustees will be jointly and severally liable for any actions taken against the SMSF, i.e. the trustees’ personal assets may be exposed.Companies have limited liability, and as such the liability...

Understanding Section 17A

It is important to ensure that the Fund meets the definition of an SMSF as described in Section 17A. The flowchart below gives a good understanding of the requirements of this Section. [Source: The Self Managed Super Handbook – Author Monica Rule]...