The ATO has released two new videos aimed at SMSF trustees, covering the arm’s length rules, and things to consider when setting up an SMSF.
The ATO has published two new videos aimed at SMSF trustees, this time covering the differences between individual and corporate trustees for SMSFs, and the SMSF trustee declaration.
SMSF – individual or corporate trustees
“Deciding on the type of SMSF trustee is important. This video will help explain the difference between individual trustees and corporate trustees?”
The ATO has published two new videos in the continuing efforts to improve trustee knowledge of superannuation and tax rules.
SMSF planning for the unexpected (relationship breakdown, incapacity, death)This video encourages SMSF trustees to think ahead when setting up an SMSF, particularly where events force a change in the fund, such as:
- adding new trustees
- changing the trustee
- winding up the fund
The ATO has published two new videos aimed at educating SMSF trustees. Given the ATOs goal of providing “new online tools and resources for SMSF trustees and auditors” contained in the recently published ATO Corporate Plan we can expect to see more of these videos, and other similar projects, to explain the super rules to trustees.
SMSF investment strategy
This video is aimed at explaining the requirements of a SIS-compliant SMSF investment strategy to SMSF trustees:
“Your SMSF’s investment strategy is the framework that guides your investment decisions. It pays to have a good investment strategy that is regularly reviewed. Watch this video to learn what factors your SMSF’s investment strategy needs to take into account.”
The ATO has uploaded several videos explaining how to use the Small Business Superannuation Clearing House, which recently moved from the Department of Human Services to the ATO.
According to the ATO the Small Business Superannuation Clearing House is:
“a free online super payments service that helps small businesses with 19 or fewer employees meet their super guarantee obligations.”
The Superannuation Clearing House offers the following features:
- Make a single transfer, which the clearing house splits into the individual super payments for your employees
- Saves for your employees details
- Decreases paperwork
Employers can register for this service on the Small Business Superannuation Clearing House website.
For those who missed it, the ATO recently published this video about an SMSFs annual obligations:
For those who missed it, the ATO recently published this video about SMSFs and the Sole Purpose Test: