Many self-managed superannuation funds utilise a Unit Trust as an investment vehicle. These may be either listed or unlisted Unit Trusts including those involving related parties. Certain Trust situations in the SMSF environment can frequently cause headaches for trustees, accountants and auditors alike, depending on the structure and date of the Trust. Make sure you...More Info
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From 1 July, 2014 The ATO has greater power in dealing with trustees who break the law via their self-managed superannuation fund. The ATO can now apply administrative penalties to the trustees, specify a particular course of action to rectify a contravention or instruct the trustees to undergo training. Trustees must understand that any administrative fines...More Info
Once you start an income stream benefit, there is a minimum pension amount that must be met each financial year. This is determined by the age of the member in addition to when the pension commenced in the year. Talk to your accountant or adviser about calculating this amount for your members’ pension accounts. So, what happens when a...More Info
The introduction of SIS Reg 4.07D means that an insurance benefit for a member must not be paid unless it is consistent with the condition of release requirements of the Act. This means that trauma insurance may not be an allowable insurance policy to be paid via a super fund. Trauma insurance has a lump sum payment paid...More Info
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