Is your Self Managed Super Fund compliant?
Self Managed Superannuation Compliance: You, the trustee of your Self Managed Super fund are responsible to ensure that your fund remains compliant with the law - in respect of the terms of your trust deed and acting in accordance with the law.
“Non-compliant funds are taxed at a penalty rate of 47% as opposed to 15% on compliant funds.” Courier Mail, May 29, 2006 (p33)
The Australian Taxation Office (ATO) web page is a rich source of resources about compliance issues and what is currently being targeted by the ATO. For example, just type, “Self Managed Super” into the Search box.
“It is important to mention some recent significant changes which affect self managed superannuation funds – Transition to Retirement and Splitting of Contributions. Both measures give more choices to SMSF members and trustees may need to take care to ensure that the fund’s trust deed is up to date in the event that members wish to take advantage of these new options, or other measures, such as the Superannuation Co-contribution.”
Michael D’Ascenzo, Commissioner of Taxation, National SPAA Conference, Wednesday, 1 March 2006, Sydney. ATO Web Site
Update your Self Managed Superannuation Deed today and then keep it up to date.
on November 23rd, 2006 at 12:39 am
We have a self managed Super Fund and my husband has passed away.
Do we have to liquidate his share to pay out to me or can his share be transferred in to my name and just left in the super fund as my super?
If it has to be liquidated is there any time frame that it has to be done after his death. I prefer to leave it as it is in the super fund
Response:
These are questions that you will need to take specialist superannuation advice on from an accountant or financial planner.
Regards
Onlinelegal