Since 30 June 2007 it has been a requirement for new trustees of SMSFs, or directors of the corporate trustee of a SMSF, to sign the Trustee Declaration. The trustee declaration summarises many of the duties and restrictions of…
From 1 July 2014 SMSFs will not be allowed to provide new insurance cover in respect of a member where the insurance definition is not in line with one of the following Conditions of Release under SIS:
- Terminal Medical
When the Simpler Super reforms (the Tax Laws Amendment (Simplified Superannuation) Act 2007) were brought in a $ 50,000 Concessional Contributions cap was introduced. This amount was supposed to be indexed annually to the increase in AWOTE (Average Weekly…
There are many different tests in Superannuation based on age, from the contribution caps to the work test, but when is the age measured for these tests?
The purpose of the ATO Supervisory Levy is to collect revenue to offset the costs of the ATOs role as regulator of SMSFs. As a result the amount of the levy has been trending upwards in recent years. Additionally the…
Why did the total value of Collectables held by SMSFs drop so much in 2012?
The graph below, based on the most recent available ATO statistics, shows the age range of all SMSF members as at June 2013.
As of the 18th of March 2014 the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Act 2014 received Royal Assent, which gives the ATO new powers in it’s role as regulator of SMSFs to:
- Issue Rectification Directions