Self Managed Super & Retirement
Rise In the Preservation Age For Preserved Super Benefits
Transition to retirement income stream rules Before an SMSF starts paying a transition to retirement income stream (T.R.I.S. or) to a member, the member must have reached their preservation age. Preservation age – the new rules Preservation age is the minimum age that a member can access their preserved super benefits without satisfying another condition […]
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Non-commercial Limited Recourse Borrowing Arrangements Scrutinised by ATO
Non-arm’s length income (NALI) and limited recourse borrowing arrangements (LRBAs) The ATO has released ATOID 2014/39 and ATOID 2014/40 which set out the ATO’s view that the NALI (non-arm’s length income) provision applies to the non-commercial LRBAs involving related parties. The Australian Tax Office advised that these ATOIDs should not be seen as concluding that all related-party LRBAs […]
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Self Managed Super Fund Estate Planning
Death benefit nominations for your SMSF Establishing a Self Managed Super Fund is a clear sign that you know the importance of planning for the future. But one other important consideration is to make sure you also plan for “after” the future – that is, for the time beyond your own lifetime. With so much money […]
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Seniors Health Card For Self Funded Retirees?
Commonwealth Seniors Health Card benefits The Commonwealth Seniors Health Card can give self-funded retirees who do not qualify for a government Age Pension or Department of Veteran Affairs payment, the entitlements that others receive from the Pensioner Concession Card. The concessions and discounts that may be available include: Pharmaceutical Benefit Scheme discounts Cheaper out-of-hospital medical […]
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Rogue Self Managed Super Funds Get New Penalties From ATO!
New powers handed to ATO re SMSF trustees The ATO has recently been handed new powers to compel compliance by self-managed super fund trustees with their duties and obligations. These are in addition to existing powers and commence on 1 July 2014. New tools to deal with SMSF non-compliance Tax and Superannuation Laws Amendment (2014 Measures No.1) […]
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Self Managed Super Fund Audits – Is Your SMSF Auditor Registered?
Why identify approved SMSF auditors? The Self-managed superannuation fund (SMSF) auditor registration reform is part of the Australian Government’s Stronger Super reforms. The initiative has been implemented to improve the integrity of the audit process and set minimum levels of competency standards for approved SMSF auditors. Auditors who aren’t registered cannot sign off SMSF audits for […]
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