An SMSF, or Self-Managed Super Fund, is a type of private superannuation fund that members themselves specifically oversee. Unique in its structure, an SMSF permits a maximum of six members, all of whom typically assume roles as the fund's directors or trustees. Their primary function, echoing the core objective of other superannuation ...
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Have you considered selling property from your Self-Managed Super Fund (SMSF) to yourself? The short answer is indeed, yes, you can, but it must meet specific conditions and align with the stringent guidelines set by the Australian Taxation Office.
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The SMSF Trustee Declaration is a legal obligation, distinct from the trust deed, which outlines the setup and operational structure of an SMSF. Upon becoming an SMSF trustee or director of a corporate trustee, it's crucial to understand the declaration's content, as it explains your duties and ensures the SMSF operates in compliance with the superannuation law.
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In recent years, SMSFs have become increasingly popular due to the enticing benefits they offer for property investment. As a favoured choice for Australians planning their retirement, it's important to delve into this trend and understand the opportunities and complexities involved. While the idea of using super to purchase property may sound ...
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Self-managed super funds are one of the most popular retirement savings options in Australia. But when can you access your SMSF? The answer depends on a few factors, including your age, your employment status and your super balance. Generally speaking, you can access your SMSF from age 55 if you're retired or ...
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A self-managed super fund (SMSF) is a trust structure designed to hold retirement savings for the benefit of its members. As trustees of their own fund, SMSF members have control over how their retirement savings are invested and managed. While this provides greater flexibility and choice, it also comes with greater responsibility. ...
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A related party of a self-managed superannuation fund is any person or entity who is somehow connected to the fund. This includes, but is not limited to, the fund's trustees, members, directors, officers, and relatives of these people. The definition of a related party also extends to businesses and other entities that ...
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Yes, an SMSF can lend money to a third party. However, some strict rules and regulations must be followed in order for the loan to be compliant with superannuation law. The most important rule is that the loan must be made on commercial terms. This means that the interest rate charged must ...
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The in-house asset rules of self-managed super funds (SMSFs) are designed to ensure that SMSF trustees do not use the fund's assets to give themselves or members an unfair advantage. The rules are also intended to protect the interests of all SMSF members, by ensuring that the fund's assets are used primarily ...
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If you're like most people, the words "self-managed super fund loans" probably make your eyes glaze over. But if you have an SMSF or are thinking about setting one up, it's important to understand how they work - especially when it comes to taking out a loan. In this article, we'll explain ...
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When choosing to manage your own superannuation, there are many things to consider. One key question is, do you need to keep a financial advisor when managing a SMSF? While it's possible to go it alone when it comes to managing your SMSF, there are definite advantages to keeping a financial advisor ...
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Direct indexing has been gaining popularity in recent years as an alternative investment strategy. Unlike traditional index funds, which seek to track a specific market index, direct indexing involves investing directly in the underlying stocks that make up the index. This can offer a number of advantages, including potentially higher returns, greater ...
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Self-managed super fund property investment can provide a range of benefits for those looking to invest for their retirement. Whether it be a residential property or commercial property, not only can it provide a solid return on investment, but it can also offer tax advantages and the potential to borrow against the ...
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What is the best SMSF software in 2022? When it comes to Self-Managed Super Funds (SMSFs), there is a wide range of software options available that can help you manage your finances and stay compliant with regulations. Choosing the right software for your SMSF can be a daunting task, but it is ...
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Running a self-managed super fund (SMSF) comes with many different roles, responsibilities and administrative requirements to ensure compliance in the fund. One of the first things you will need to arrange when setting up an SMSF is a trust deed. In this article, we will run through some general information about what ...
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In recent years, fees for SMSF accounting services have consolidated as streamlining and data efficiency have come into play. Bank account and investment data feeds that plug straight into the accounting software have significantly reduced the manual work required to complete the annual SMSF audit and financial accounts. Some accountants, either by ...
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Self-managed super funds or SMSFs must be audited each year by an auditor independent of the tax accountant and fund administrator preparing the financial statements. An online SMSF audit refers to an audit process that involves submitting information and interacting with the SMSF audit provider online instead of conventional face to face ...
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One of the most important benefits of having a self-managed super fund; the ability to time your contributions and market entries. We all know the “buy low, sell high” analogy but rarely is it considered when it comes to traditional super fund investments. Using a self-managed super fund is a common way of increasing your ability to time your investments and contributions.
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One of the main attractions of an SMSF when compared to a traditional super fund or industry super fund is the wide range of investment options available for you to choose from within the SMSF. In almost all SMSFs, you can invest in traditional investments like shares, property, government or corporate bonds, ...
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When you sell shares, property or a business and generate a profit, you have made a capital gain on the transaction. Capital gains are generally considered taxable income but exactly how much tax is payable on this income often boils down to how long you have held the asset before selling it. ...
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SMSF and superannuation terminology can be a little confusing if you are new to the space so the team at SMSF Mate has created a glossary of common terms and phrases to help you navigate your way through your superannuation journey.
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Operating your very own SMSF can be a fulfilling and financially beneficial experience, assuming you have done your homework and the fund is set up correctly from the beginning.
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Much like a regular superannuation fund, an SMSF is an excellent way for you to save for your retirement.
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When it comes to paying for a financial advisor, the costs are usually based on assets under management (AUM) or in simple terms - how much money they manage for you. The fees are in the vicinity of 0.20% to 1.5% of AUM per year. Some financial advisors charge a fee for ...
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In Australia, there are laws and legislation which differentiate retail and wholesale (sophisticated) investors. The main intention of this legislation is to protect retail investors from investments that are considered riskier and more complex than others. On the other hand, when a person or entity is classified as a wholesale investor, it ...
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