During the Financial Year, the SMSF that receives a contribution is always obliged to report the contribution to the Tax Office, even if it has been rolled out or paid to a Member before the end of that year. When filling in the Annual Return form, as an SMSF Trustee, you need to ensure that […]
You can only claim a deduction for contributions that are made from concessional contributions. Contributions that are made into your SMSF can be categorised into 2 types: Who can claim tax deductions on super contributions To see what you can contribute into your SMSF, please see our contribution page.
There are many people confuse about when to use A or An when referring to SMSF. If, when you say SMSF, you pronounce it as ES. EM. ES. EF. it should be An SMSF (like an Eskimo). If you pronounce it as a word spelled smsf (very unlikely) it would be A SMSF (like A […]
Introduction Once members in an SMSF reach the preservation age, currently 55, or satisfy the Conditions of Release, they are able to receive benefits from the fund. That is, you can transfer money from your accumulation account to the pension account. Benefits may be paid from the pension account as: one or more Lump Sums, […]
SMSF Regulations SMSFs are regulated by the ATO. There are several excellent ATO booklets explaining the SMSF rules and your responsibilities as a Trustee. To access the list of ATO publications for SMSFs, click here. Legislation SMSFs are subject to numerous legislative instruments, the most relevant are: Current developments It is now a requirement for […]