SMSF Administration

2019 SMSF annual return lodgment date deferred

2019 SMSF annual return lodgment date deferred to 30 June 2020

The Australian Tax Office has announced (22 April 2020) an automatic deferral of SMSF annual return lodgments for the 2018-19 financial year  to 30 June 2020. To be clear, where an SMSF had an original lodgement date of 15 May 2020, the 2019 SMSF annual return lodgment date is deferred to 30 June.

early release of super

COVID-19 – Early Release of Super – SMSFs

This week the ATO provided an update on the timing and application process for the $10,000 early release of super including how it applies to members of SMSFs. This article is essential reading for any SMSF members who are eligible for the early release payments and are considering applying.

Code of Conduct SMSF Commercial Tenancies

Code of Conduct for Commercial Tenancies including SMSFs

The National Cabinet has agreed to a mandatory code of conduct for commercial tenancies. The code will be guided by a set of principles, developed and legislated by State and Territory governments and apply to commercial landlords including SMSFs.

Tenants who participate in the federal government’s JobKeeper assistance and have a turnover of less than $50 million will be protected by the code.

SMSF Lodgement Dates 2020

Upcoming SMSF Lodgement Dates 2020

There are a number of important SMSF lodgement dates 2020 that are upcoming across April, May and June 2020.  It’s also possible that the ATO may allow a lodgement extension for 2019 SMSF annual returns to assist tax practitioner businesses impacted by COVID-19.

SMSF Minimum Pension 2020 Drawdown Relief

The Government has reduced the required SMSF minimum pension 2020 draw-down rates for all superannuation pensioners including SMSFs for the current financial year 2019-20 and the next financial year 2020-21.

Draw-down rates for account based pensions are normally 4% per annum for people under 65 an increase as pension recipients age.

smsf diversification strategy ato

SMSF Diversification Strategy – are you on top of your obligations?

Are you questioning your obligations and requirements aligning with your SMSF diversification strategy? The Australian Taxation Office has recently mailed around 17,000 SMSF trustees with a ‘please explain’ letter. The target was a batch of funds that have more than 90% of their assets in a single asset class.

In many uninformed sectors of the media there was a tendency to report the issue in such a way that implied that having a single asset,

Can My SMSF Invest In Gold and Silver Bullion

Can my SMSF invest in gold and silver bullion?

Yes – your SMSF can invest in gold and silver bullion and other precious metals as part of your investment strategy however there are a number of rules that you must comply with. Importantly, an SMSF investment in gold or silver bullion valued entirely on the spot price of the precious metal.

How much super do I need in retirement, and how can I boost my super balance?

Knowing how much you need in retirement is more about knowing what kind of lifestyle you desire when you have retired, or, transitioning to retirement.

According to the ASFA Retirement Standard, for a single person that magic number is $545,000.

But according to the ABS –

Invest in USA shares via an SMSF

How to invest in US shares and ETFs directly via an SMSF

Self-managed super funds have often been criticised for lacking diversification when it comes to their investments, specifically that SMSFs have too much in Australian shares and cash and not enough in international investments.  We often get asked by our clients “How do we invest in USA shares via an SMSF?”

Downsizing into Retirement

The downsizer contribution initiative is due to come into effect on the 1 July 2018. Late last year the Government passed its policy which allows super fund members over the age of 65 to sell a main residence and contribute funds into their superannuation accounts without contribution cap and work test issues.