Does an SMSF loan to a property trust constitute an in-house asset transaction? According to Interpretive Decision ATO ID 2014/23, it cannot be termed as an in-house asset transaction as the property trust is not a related party because the SMSF does not own any units in the property trust, the loan is made through a commercial agreement and related parties to the SMSF own less than 10% of the units in the property trust.
Category: SMSF Advice Archives
Can SMSF Share Bank Accounts with Related Unit Trusts?
What if your SMSF shares a bank account with various ‘related’ unit trusts? ATO guideline ‘ID 2014/7’ clearly marks out the course of action in such an event and talks about the regulations pertaining to keeping your SMSF money and assets segregated.
Industry Super Funds Aiming to Compete with DIY Options
When we talk about DIY super funds, our minds do not run over the small APRA funds (SAF) in general. By and large, the term ‘DIY’ in Super funds connote self-managed Super funds. The beauty of SMSF is that it allows you great flexibility in terms of your investment and gives you a very high degree of control over where you want to invest and just how much you want to invest. This is something that industry Super funds have missed all through.
The Big Decision About Setting Up SMSF
Thousands of articles across the internet are devoted towards answering the question, “Is SMSF for you?” I won’t shy away from agreeing that I have myself spent a bit of energy talking about the subject over this website. So, let me just try reaching out to you on this matter with a different perspective.
ATO Begins to Monitor SMSF Auditors Closely
There are definitely a few auditors who go about auditing a large number of SMSFs with paltry number of staffs. This and a lot more will be on the radar of the ATO as it begins to monitor the SMSF auditors.
Understanding How SMSF Works
Consider SMSF as a trust that is meant for the sole purpose of providing the members a decent source of income when they retire. Of course, family members and beneficiaries also reap benefits in case of demise of a member. Members in employment roles need to deflect their Superannuation contributions towards their allocated SMSF account. For the purpose, the SMSF need to possess an Australian Business Number (ABN), Tax File Number (TFN) and a bank account. Understanding how SMSF works is the first step to be able to take advantage of it.
