Category: SMSF

Accessing money in your SMSF   The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs).   In general, access to your super is only possible if:   You retire and turn 60; or You turn 65 (regardless of whether you’re working).   Early access to superannuation is only possible in very limited circumstances such as terminal illness, permanent incapacity,

Warning on SMSF asset valuations   The ATO has issued a warning to trustees of SMSFs about sloppy SMSF asset valuations practices.   ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous.   For trustees of SMSFs, where SMSF asset valuations

Can my SMSF invest in property development?   Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often occur.   An SMSF can invest in property development if trustees ensure the investment complies with the