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Consider the Costs, Time and Skills

As a trustee you need to have time and skills to set up an SMSF. You need to have the time and skills to manage your Self managed super fund, and there are ongoing running costs. As a trustee of an SMSF you’ll be responsible for operating your fund within the law. If you don’t,…
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Beware of SMSF Promoter Schemes

The sole purpose of a self-managed super fund (SMSF) is to save up for your retirement savings. There are people promoting early access schemes which are illegal and could cost you more than your retirement savings. Be on the lookout for dodgy advice, don’t take up any offers without first checking if they are legal and learn…
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Prohibited SMSF Loans

Loans to members continues to be the highest reported contravention of the superannuation laws that we see in auditor contravention reports (ACR) lodged by self-managed super fund (SMSF) auditors. These loans comprised 16% of all reported breaches for the 2019 to 2022 audit years. It’s important to remember SMSF trustees cannot loan money or provide other…
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Winding Up Your SMSF

If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount…
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Appointing an SMSF Auditor

You need to appoint an approved self-managed super fund (SMSF) auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your SMSF’s audit must be finalised before you lodge, as you’ll need some information from the audit report to complete the SAR. You must ensure the correct auditor details…
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Commercial SMSF Loan – Thank You

Dear Mick, We want to take a moment to personally thank you. When we came to you earlier in the year asking if you could help us determine if the purchase of a residential investment property would be viable using our SMSF, the costs and what our financier options would be, you didn’t shy away…
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Lodging Your SAR Through Your Tax Professional?

If you registered your self-managed super fund (SMSF) during the 2022 income year and you have a tax professional, your SMSF annual return (SAR) was due on 28 February 2023. If your return has not been lodged, you should do so immediately to avoid penalties. If you registered your SMSF prior to the 2022 income year…
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Illegal Early Access To Super

When running your self-managed super fund (SMSF) it’s important to know that accessing your super can be illegal at times. You should also be wary of people, known as ‘promoters’ who want to help you set up an SMSF for the purpose of illegally accessing your super. As a trustee of a SMSF it is…
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What And When To Report

What events self-managed super funds (SMSFs) must report by certain dates and what happens if reporting is late. Events you need to report An SMSF must report events that affect a member’s transfer balance account. Common events are: Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be…
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Appoint an Auditor Before Lodging Your SAR

You need to appoint an approved self-managed super fund (SMSF) auditor no later than 45 days before you lodge your SMSF annual return (SAR). Don’t risk approaching an auditor the day before you need to lodge as it will result in an overdue lodgment. Approved SMSF auditors are an important part of your lodgment and reporting…
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