The ATO has been granted a new set of powers, including the capacity to fine SMSF trustees for compliance breaches
Actuarial certificates are an important component in the tax status of self managed super funds
Commercial property has consistently attracted more than three times the monetary support among DIY super funds than higher profile residential real estate
"One of the big success stories of do-it-yourself superannuation over the past decade has been account-based pensions. For a self-managed super fund, their appeal is multifold."
"A chase for yield, combined with investor empowerment and lack of education could be the perfect storm for a large scale self-managed superannuation fund (SMSF) collapse, according to Aberdeen Asset Management (Aberdeen)."
"For many retirees, overseas travel features prominently in their plans. If you’re an SMSF trustee and you intend to travel for extended periods, or even live outside Australia for some time or permanently, then you need to be aware of the residency rules applicable to your SMSF."
"Back in 2007, a couple of months after it introduced tax-free super pensions for those over 60, the Howard government dramatically changed the social security rules to encourage more Australians to take their super savings as pensions, instead of lump sums. It did this through tax-free pensions and by expanding the entitlement to the government age pension to more than 300,000 retirees who were previously regarded as too wealthy for government age pension assistance. At the same time many thousands more were paid higher government age pensions."
"One of the more important considerations for someone with a self-managed super fund is to be aware that the buck stops with them, because they are a fund trustee."
"It’s hardly news to do-it-yourself super fund trustees that, thanks to low interest rates, bank term deposits have lost their appeal. It’s old hat by at least two years."
"With three months still to go before the big event, superannuation lobby groups are getting in early with their 2014 federal budget wish lists, where the dominant theme has been streamlining and improving the fairness of contribution rules."
"Many lawyers and even courts don’t seem to fully understand the superannuation prudential regime and how super is regulated, especially when arguing about the division of super assets in a self-managed fund arising from a divorce, according to a prominent divorce lawyer."
"Most do-it-yourself superannuation funds are controlled by one active member, with the others frequently leaving the running of the super fund – especially the investment side – to him or her."
"More than 900,000 Aussies have money in SMSFs, and there has been a big push by property promoters in the past year to get people to borrow money within their SMSF to buy houses."
"A reality of do-it-yourself superannuation is that few trustees are aware how important it is for them to have a better understanding of their fund’s trust deed than they actually have."
"Many self managed superannuation funds (SMSFs) invest in residential property. With finer weather on the way and holiday breaks coming up, a lot of people start to think about renovating these properties – especially if a property is not producing much income. But with the law being quite strict on what you can and cannot do with properties held in SMSFs, it might be enough to put you off taking any action or making any decisions. "
"Trustees of DIY super funds borrowing to invest in residential property through their funds are charged 0.7 percentage points extra in interest, on average, than for ordinary mortgages."
"With their average fund size of about $1.1 million, Australia’s 550,000 self-managed super funds are often portrayed as the retirement savings cream of the crop.
But what is the real scope of a typical SMSF to deliver retirement income as 2014 draws to a close?"
"One in five Australian couples who marry will have a partner who has been married before, official statistics suggest. For couples in this position, a variety of trials and tribulations can arise – especially if they get together later in life when one or both have grown-up children and have accumulated a nice super nest egg."