A case that has recently come within public scrutiny deals with the binding death benefit nomination. It talks about how the present trustees (adult daughters) and former trustee (second wife) are battling over the estate and coming to grips with the exorbitant legal bills.
I came across an article by Mike Taylor on the website Money Management. It talks about a very interesting discussion in the SMSF sector today. Financial advisers are being criticised for recommending SMSFs to those clients who have in deficit of $200,000 as their fund’s opening balance.
From the 1st of May, NAB has stopped residential lending through SMSF. The regulation is grandfathered and won’t hurt existing loans. An article by Glenn Freeman for the website Professional Planner talks about it.
As an SMSF trustee, your top priority should be to get your fund audited by one of the approved auditors each year. For the purpose of such audits, it is important to formally appoint the auditors and there is a timeframe attached to doing so.
This is just the visible part of the audit ‘iceberg’. There is so much more that you have to understand about the process and which remains hidden from common view till a professional helps you with them. Let me talk about all the possible aspects of SMSF audits here and I can put a small wager that some of them will really surprise you.
In an article for the website afr.com, Ben Smythe talks about those people who feel “the daily grind of retirement” a heavy weight to carry and their new employer- the SMSF pension- an unlikeable boss. Interesting start! Keep reading!
I came across an article by Miranda Brownlee on the SMSF Adviser. It says that there is a lot more SMSF investment flowing towards the global equities, now that there is plenty more information-sharing and awareness about the equities operating outside Australia.
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