I cannot recall setting up an SMSF in the last couple of years without a corporate trustee. However, historically many SMSFs have been established with individuals as trustees. While this is allowable under the SMSF rules, the majority of superannuation professionals would agree that a corporate trustee is the most preferred trustee for an SMSF.
As part of the Government’s goal to improve the efficiency of the superannuation system and the timeliness of processing rollovers and contributions, the way in which SMSFs can receive rollovers and contributions will change from 1 July 2014. A new standard is being introduced which basically requires all contributions and rollovers to be paid electronically, along with a standard format electronic message which must be sent to the receiving super fund. This is referred to as the ‘new standard’.
As an investor, you need to ensure that you are seeking advice on safe income-producing investments, even if it is just a relatively small portion of your portfolio to boost your overall returns.
The following article examines the safe investment options that you can embark on in a troubled marketplace.
Author Jeremy Cooper is chairman of retirement income at Challenger Limited.
On Friday 5 April 2013 the Minister for Financial Services and Superannuation, the Hon Bill Shorten MP, and the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP, announced the Government’s proposed changes to the superannuation laws. The Government have aimed the changes at creating what they believe will be a more equitable and sustainable retirement income system.
There are a number of regulatory changes that apply from today (7 August 2012) that may impact your SMSF. These changes are in regards to insurance, investment strategies, keeping investments separate and in the correct name and valuation of assets. The following is a simplified explanation of these changes and how they impact you as trustees of your SMSF.
As part of the required investment strategy of a SMSF, insurance must now be considered.