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)
The ATO has released a video for tax professionals with advice for implementing SuperStream for clients, including businesses, SMSFs and as part of a SMSF administration service.
Some important things covered in the video:
- Employers can start using SuperStream from 1 July 2014
- The ATO expects most employers will be using SuperStream by December 2014
- SuperStream standardises contributions data “so whether contributions are being sent to a default fund, a major choice fund or an employee’s self-managed super fund (SMSF), super contributions are treated in a similar way”
- The ATO encourages all employers to have a plan to implement SuperStream – “the earlier a business transitions in to SuperStream, the earlier it will see the benefits and the less chance it will get caught short for time”
- The ATO is committed to raising awareness and educating in the first two years of the SuperStream process
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.”
SMSF loans and early access
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… Read More »Superannuation Clearing House: ATO How-to Videos
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: http://www.youtube.com/watch?v=u34EYanp0v4