There are more than a few tax determinations issued by the ATO over the last half year or so. Each one of them deals with some crucial aspect of SMSF taxation. Let us talk about some of them.
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Back to Basics: Superannuation Terms You Need to Know
Any industry comes with its fair share of jargon. Some of them are interesting and others outright weird. Yet, once deciphered, they all come out straight and meaningful. Let us take up a few Superannuation terms within the ambit of this write-up.
Practical Tips on Setting Up SMSF
A short name suits a Self-managed Super Fund much more than a long one and there is a good reason why it is so. If the names are long, it is likely that the bank accounts and the asset registers will cough up incomplete names. I can personally vouch knowing computer systems in banks which categorically deny registering long names.
Looking into Cross-Insurance Policy Within SMSF
In the world of Self-managed Super fund, a cross-insurance policy is one wherein an SMSF trustee takes out a policy over a member’s life with the clause to deduct premium from the account of another member. In being so, the cross-insurance policy benefits the member who has paid for the insurance in case of an insurance event arising.
Understanding SMSF Compliance Work of the ATO
The SMSF sector may lack prudential regulation, but the ATO compliance work amply ensures that it does not get astray. The ATO keeps a dual target in mind; it wishes to be an ally to all those who want to play by the rules but are ignorant about them as yet. And at the same time, the ATO also wants to come down hard on those who are deliberately breaking the rules assuming they will get away with it.
SMSFs Sitting High on Consumer Sentiment Index
It is not to say that the days of the big Super funds are over, but there is certainly a pleasant chord struck between the Australian masses and the SMSFs, writes Miranda Brownlee in an article for the SMSF Adviser. We have certainly come to accord greater value with the SMSFs.
