GeneralInvesting in collectables and personal use assetsNew standards now apply to SMSFs that make new investments in collectables and personal use assets. The standards will ensure investments in collectables and personal use assets by self-managed super funds (SMSFs) do not give rise to a current day be... [read more] Illegally accessing super earlyIf you set up a self-managed super fund (SMSF) with the sole intent of accessing your super savings early, you are breaking the law. You should not be accessing your super early to pay off debts, buy a house or go on a holiday. Your super is intende... [read more] Common SMSF breachesSpeaking at conferences of superannuation industry professionals earlier in the year, the ATO Deputy Commissioner responsible for superannuation, Neil Olesen, said the top three breaches were: loans made by an SMSF to a member or relative ... [read more] ATO issues reminder re audit requirementIn a recent newsletter to SMSF trustees, the Australian Tax Office reminded trustees that the annual audit is a critical requirement that trustees must ensure occurs each year before lodgment of the SMSF annual return. The ATO recommends that you en... [read more] Moratorium on minimum draw requirements for super fundsThe Commonwealth government has announced a moratorium on minimum draw requirements for account-based pensions for the second half of the 08/09 year. This is intended as a relief measure so that retirees can avoid selling investments in the current m... [read more] | Categories:General |
