Advanced search

Top Navigation

Tag Archives | smsf

The latest on ATO penalties for SMSFs and trustees

The latest on ATO penalties for SMSFs and trustees

Naturally, it is always important for an SMSF to comply with the various laws that govern it. However, I thought this might be a good opportunity to reflect on the latest updates on the compliance landscape. Penalties have increased It was big news when the ATO was granted the right to unilaterally impose monetary penalties [read more]

Managing tax losses in an SMSF - impact of Payne's decision

Managing tax losses in an SMSF – impact of Payne’s decision

A recent decision Re Trustee for the Payne Superannuation Fund and FCT [2015] AATA 58 examines how the ATO are examining whether SMSFs are appropriately carrying forward tax losses and apportioning expenses when they are partly in pension mode. Prior to analysing the implications of this decision, we will first examine a general overview of [read more]

Another BDBN fails due to poor SMSF documents

Another BDBN fails due to poor SMSF documents

Munro v Munro [2015] QSC 61 is the latest case involving a binding death benefit nomination (‘BDBN’) that was held not to be binding. This case is a very important decision as it confirms that BDBNs for self managed superannuation funds (‘SMSF’) can last indefinitely. The facts Mr Barrie Munro practised as a solicitor during [read more]

Can a super fund reject excess contributions

Can a super fund reject excess contributions?

An SMSF trustee is required to reject contributions in certain circumstances. This rejection rule can prove very helpful for overcoming an excess non-concessional contribution (‘NCC’). Advisers must be aware of how this rule works if they seek to rely on it. Fund-capped contributions can be rejected Regulation 7.04(3) of the Superannuation Industry (Supervision) Regulations 1994 [read more]

Practical-SMSF-tips

Practical SMSF tips

In this article I seek to set out some practical tips for setting up SMSFs. Less is more When naming an SMSF, there are basically no restrictions on what name you can choose. As a guiding rule though, in my opinion, the shorter the name, the better. For example, it is perfectly allowable for an [read more]