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Pension Changes – Practical Implications On 5 April 2013 the Labor Government announced a number changes to superannuation. The main change is the proposed new tax on pension earnings that exceed $100,000 per member per…
SMSF Administration Providers
Once you have made the decision to go with a self managed super fund, the next step is to decide which provider you will use. As the trustee, you will need to engage the services…
Australia’s Largest SMSFs
How big do you think the largest Self Managed Super Funds in Australia are? A few million dollars perhaps? Try in excess of $40 million! The ATO recently released a report titled Self-managed superannuation funds –…
SMSF Tax File Number
When we set up a new SMSF, we apply to the ATO for an ABN and also a TFN for the new Fund. The Tax Office sometime issue these numbers immediately and sometimes it takes…
Using Insurance as an Investment Strategy
Many people think of life insurance as a tool for wealth protection, but it can actually be used effectively as a part of the investment strategy for an SMSF. Currently life insurance is much underutilised…
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SMSF – Self Managed Super Funds
Self managed superannuation funds, commonly known as an SMSF, have gained huge popularity in Australia over the last decade or so. Self Managed Super Funds During the global financial crisis (GFC) many Australians lost a large percentage of their superannuation as the funds they had…
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SMSF Technical
Here we add some technical aspects around the auditing function for SMSF’s. 1.The Accounting and Auditing function should be segregated. This means the accountant can’t act as the auditor as well. 2. Auditing standards on SMSF GS009 Guidance Statement 009 was released in August 2011.…
Selecting an SMSF Service Provider
All SMSF holders will need to decide who will provide the administration and audit services to their SMSF. Although an SMSF is regarding as a DIY (do it yourself) super fund, there are some functions of the fund that you simply cannot do yourself and…
2012 Survey
A SMSF.net.au 2012 audit survey showed that approximately one in three non-pension paying SMSFs held insurance in respect of the fund’s members. This represents a small increase over the previous year. Insurance cover falls into one of four groups: • Life • Total and Permanent Disability…
Self Managed Super for Tradespeople
We all know that the SMSF industry is booming in Australia, and one of the growing users of self managed super are tradespeople. One of the major reasons for people switching to an SMSF is due to the ability to invest in direct property, which…