Eligible Beneficiaries For a binding death benefit nomination to be valid, an eligible beneficiary must be nominated. To be eligible, a beneficiary must be either your Estate or meet the definition of a Dependant as defined under the Superannuation Industry (Supervision) Act 1993 Cth. Section 10 of the Act defines a Dependant as including ‘… […]
Many taxpayers and investors consider self managed superannuation funds as an investment vehicle of choice but few consider the merits of a discretionary trust or a family trust. What is a Discretionary Trust? A trust is essentially a structure where the “trustee” holds assets on behalf of other person (s) being the “beneficiaries” An example […]
By way of background individuals seeking to provide for their retirement by utilizing a Self Managed Superannuation Fund need to follow the strict rules and regulations of the Superannuation Industry (Supervision) Act 1993 (SIS Act). It would appear from the latest Australian Taxation Office (ATO’s) annual report that the number of disqualification of trustees has […]
By way of background in 2007 the Australian Government allowed superannuation funds to borrow under strict conditions. As a result of this legislation, executives, professionals and family owned businesses have chosen to purchase direct property as their investment of choice through their superannuation fund, rather than shares or managed funds. Prior to the change […]
Super funds are no longer viewed as an investment vehicle for individuals either in or approaching retirement. New research shows that younger generations are now looking to establish Self Managed Super Funds. According to Russell Investments and SMSF Professionals Association of Australia, about 14% of Generation X (31-45 years) and 10 per cent of Generation […]
Early last year the number of Self Managed Superannuation Fund (SMSF) members topped one million, according to the Australian Taxation Office SMSF statistical report. Over the past four years the number of SMSF members has increased by a staggering 26.6%. Clearly these statistics demonstrate that there is an overwhelming move by people wanting […]
A new Penalty Regime for SMSFs will apply for contraventions that occur on or after 1 July 2014. The new measures will provide the ATO, as the Regulator of SMSFs, with greater flexibility when dealing with a fund’s non-compliance with the law. Where an administrative penalty is imposed it must be paid personally […]
Super funds are no longer viewed as an investment vehicle for individuals either in or approaching retirement. The next decade in the superannuation segment will be Gen X and Gen Y’s as they build for their retirement. Australia is currently experiencing a massive demographic shift as the baby boomer generation moves into retirement, with […]
The Australian Taxation Office (ATO) advise that there is more than $14 billion in lost super waiting to be claimed. The Australian Commissioner, John Shepherd, advises that the main reason for the lost super was because many of the superannuation accounts have not been kept up to date with personal details and changes to […]
The latest statistics from the ATO statistical report for June 2014 indicate; 1. The number of SMSF’s have increased to more than 534,000. An increase of over 6%, 2. The total asset of all SMSF’s are estimated to total more than $557 billion. An increase of 12.5%. 3. Assets held by SMSF under limited recourse […]