Salary Sacrificing for your Super

Salary Sacrificing for your Super

One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer.  Contributions made through salary sacrifice are classified as employer contributions, not employee contributions. These are…

Splitting your SMSF assets during divorce

Splitting your SMSF assets during divorce

Running an SMSF under regular circumstances comes with enough compliance obligations as it is. Adding divorce or separation into the equation can raise even more legal and tax issues that need to be addressed.  The breakdown of your relationship does not absolve you from your responsibilities as an SMSF trustee; you are still expected to…

Avoiding SMSF disputes

Avoiding SMSF disputes

One of the benefits of SMSFs is the amount of control you have from managing it yourself. However, self-management can leave room for disputes among related parties, especially when family members are involved. SMSF disputes can be caused by a number of factors, such as relationship breakdowns, (common in funds where parents and siblings are…

Tax implications of exceeding super contributions

Tax implications of exceeding super contributions

A great way to grow your retirement savings is by making regular contributions to your super fund. However, there are limits to extra contributions which when exceeded, may be subject to additional tax liabilities.  Concessional contributions There are two kinds of contributions, concessional and non-concessional, which have different contribution caps. Concessional contributions are payments made…

What is an SMSF auditor and what do they do

What is an SMSF auditor and what do they do?

Self-managed super fund (SMSF) trustees are required to appoint an ATO-approved SMSF auditor no later than 45 days before lodging their SMSF annual return. An SMSF auditor is a professional who assesses your fund’s compliance with superannuation law and examines your fund’s financial statements. SMSF auditor eligible requirementsYour SMSF auditor must be: Independent. SMSF auditors…

Buying property through your SMSF

Buying property through your SMSF

Using SMSFs to buy property has become increasingly popular among Australians in recent years, particularly since it became possible for SMSFs to borrow money to fund a direct property purchase. Residential property A residential property owned by an SMSF has some limitations as to who it can be leased to. To buy property through your…

How to avoid SMSF disputes

How to avoid SMSF disputes

Self-managed super funds (SMSF) can be vulnerable to disputes, especially when family members are involved. SMSF disputes may be caused by a number of reasons such as relationship breakdowns, (common in funds where parents and siblings are in a member and trustee relationship) and fundamental differences in opinions. Other common triggers for SMSF disputes include:…