Monthly Archives: July 2012

Accountants – From 2013 will have limited power to advise on SMSF set-up and basic product-class advice

Generally, financial planning associations and accountant bodies have welcomed the replacing of the current licensing exemption for accountants with a new form of financial-advice licence on SMSF (self-managed super fund) and basic product advice, as just announced. Bill Shorten, the … Continue reading

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SMSF Basics – Self Managed Super Regulation, Structure of a Fund, Sole Purpose

Self Managed Super Funds are Regulated by an Act of Parliament, have a defined structure, and are governed by the Sole Purpose Test. An SMSF is created under the “SIS” Act full name is – Superannuation Industry (Supervision) Act 1993 … Continue reading

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Acknowledgment – SuperGuide

SuperGuide.com.au, We encourage readers to note and use the site, as it is a free resourse and full of valuable content and updated news.

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ATO sets its sights on SMSFs

  The Australian Taxation Office (ATO) has unveiled a new program for the 2012-13 financial year that will put the spotlight firmly on Self-Managed Superannuation Funds (SMSFs).  According to the ATO’s Compliance Program 2012-13, the Tax Office will look at … Continue reading

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How Dividend Franking Credits REDUCE Tax Paid by My Self-Managed Super Fund

Companies pay tax at the rate of 30 per cent, while super funds pay just 15 per cent (10 per cent on capital gains). This 30 per cent tax if fully paid, becomes a tax credit attached to a fully … Continue reading

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Top SMSF Contraventions reported to the ATO

The ATO released “Self-managed super funds: A statistical overview 2009-10” earlier this year in April, and the report provides a warning of what trustees need to diligently avoid. From the Contravention page – As part of an annual audit, approved … Continue reading

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Case – Related party to SMSF living in commercial premises

Parent’s SMSF buys a commercial premises for daughter and son-in-law to run a retail business. So far so good, right? What if there is a residence out the back of the commercial premises? Does daughter and son-in-law living in the … Continue reading

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