Do you have a Self-Managed Superannuation Fund (SMSF) with a balance under $500,000, are not yet retired but some unexpected life events have halted your ability to contribute more to your SMSF?
compliance
Must SMSF BDBNs comply with the 2 witness and 3-year validity rules?
There has been a continuing legal controversy as to whether Binding Death Benefit Nominations (BDBNs) for SMSFs must, in order to be valid, comply with both the 2 independent witness rule and 3-year validity period rules (2 witness & 3-year rules).
SMSFs transacting with former spouse, cousins or friends
A question we get from time to time is whether the trustee(s) of an SMSF can enter into transactions such as a loan, lease or another type with a fund member’s former spouse. In this article, we will consider a number of compliance issues with SMSF transactions involving a former spouse.
SMSFs transacting with former spouse, cousins or friends
A question we get from time to time is whether the trustee(s) of an SMSF can enter into transactions with a fund member’s former spouse whether the transaction is a loan, lease or another type. In this article, we will consider a number of compliance issues with SMSF transactions involving a former spouse.
Watch out for ATO penalty units
The ATO can impose administrative penalties on individual trustees and the directors of corporate trustees if they contravene certain provisions of the Superannuation Industry (Supervision) Act 1993 (SISA).
Controlling commutation of a child pension
Husband (H) and wife (W) are members of a self-managed superannuation fund, and as part of their estate planning, they want to direct the trustee of the fund to set up child pensions for their eligible children if either of H or W die early.
Can an SMSF member with a majority interest expel another member?
If there is an unfortunate falling out, can a member with majority interest in the SMSF expel another member?
SMSF valuation requirements (for trustees)
The ATO has recently published “Evidence to support real property valuations” which outlines the ATO’s evidence approach and requirements for real property valuations. The approach elaborates but generally accords with the ATO’s previously published valuation principles. This article explains the ATO valuation requirements for real property and other asset classes and situations.