The Australian Tax Office (ATO) has launched a great selection of short educational videos dealing on all matters to do with self-managed superannuation funds (SMSFs). The short animated videos are only 2 -3 minutes each and cover topical subjects as well as key responsibilities for SMSF trustees in an easy to understand format.
The headline for each video contains a link that will take you to the appropriate Tax Office web page, which also publishes the full transcript of the contents of each video if you prefer reading.
Thinking about an SMSF
Look at these myths and facts about SMSFs before deciding if you want an SMS
Before you decide if an SMSF is right for you, you should have an idea of what’s really involved.
SMSF – Setting up your SMSF
Take a look at the key steps in setting up your SMSF.
This video deals with how SMSFs (or as they used to be known, “do-it-yourself” or DIY super funds) are not really very DIY at all. The video introduces the different people an SMSF trustee will have to work with, or who can help trustees meet their obligations.
SMSF trustees – individual or corporate
Deciding on the type of SMSF trustee is important. This video will help explain the difference between individual trustees and corporate trustees.
SMSF – trustee declaration
A trustee declaration must be completed and kept on file by SMSF trustees. Find out more about it here.
Planning for the unexpected
Life is full of surprises. Plan ahead to help your SMSF deal with unexpected issues such as a relationship breakdown, incapacity or an untimely death.
https://youtu.be/CGwMbVsxxuc
Investments
Video currently being updated by ATO
Learn more about the sole purpose test and what it means to your SMSF investments.
Your SMSF needs to meet the sole purpose test to be eligible for the tax concessions normally available to super funds. This means your fund needs to be maintained for the sole purpose of providing retirement benefits to your members, or to their dependants if a member dies before retirement.
Contravening the sole purpose test is very serious. In addition to the fund losing its concessional tax treatment, trustees could face civil and criminal penalties.
It’s likely your fund will not meet the sole purpose test if you or anyone else, directly or indirectly, obtains a financial benefit when making investment decisions and arrangements (other than increasing the return to your fund).
When investing in collectables such as art or wine, you need to make sure that SMSF members don’t have use of, or access to, the assets of the SMSF.
Your fund fails the sole purpose test if it provides a pre-retirement benefit to someone – for example, personal use of a fund asset.
Video currently being updated by ATO
What are super contribution caps? Learn about the types and limits on super contributions and SMSF trustee responsibilities.
Click here for written version while video unavailable
SMSF investment strategy
Your SMSF’s investment strategy is the framework that guides your investment decisions. It pays to have a good investment strategy that is regularly reviewed. Learn what factors your SMSF’s investment strategy needs to take into account.
SMSF Borrowing and limited recourse borrowing arrangements
Can your SMSF borrow to buy an asset? Watch these case studies to learn more
What are in-house assets and can your SMSF invest in them?
SMSF – Planning for retirement
Plan ahead before making super benefit payments to a member. Make sure your fund has enough cash to make minimum annual payments
Make sure you meet all your SMSF obligations before lodging your fund’s annual return.
SMSF paying an income stream
Learn about what is involved in paying an income stream to a member.
Being updated by ATO
Paying an income stream part 2
Watch this video to learn how tax applies when you pay benefits from your SMSF.
Being updated by ATO
SMSF – arm’s length
All SMSF transactions must be on an arm’s-length basis. This means that fund assets must be bought and sold at market value, and income on the assets should show a true market rate of return.
SMSF assets must be kept separate from your personal or business assets. Learn more about how to protect your fund’s assets.
Here the ATO have focused on SMSF loans and early access, with the perceived problem being that people mistakenly think that an SMSF can provide them with a loan, or that they can access their super savings whenever they like.
SMSF planning for the unexpected (relationship breakdown, incapacity, death)
Your SMSF should prepare for the unexpected, including what to do if a member dies, becomes incapacitated, or there is a relationship breakdown.
What is business real property and can your SMSF invest in it?
What happens if your fund breaches the law
Has your fund breached the super laws? This video shows possible consequences and how you may be able to influence the outcome.
What happens when a member dies
SMSF – When should I wind up my SMSF
Thinking about winding up your SMSF? Here are some common reasons for winding up and the steps to follow to get it done.
I will keep this list updated as more videos are released
Are you looking for an advisor that will keep you up to date and provide guidance and tips like in this blog? then why now contact me at our Castle Hill or Windsor office in Northwest Sydney to arrange a one on one consultation. Just click the Schedule Now button up on the left to find the appointment options.
Liam Shorte B.Bus SSA™ AFP
Financial Planner & SMSF Specialist Advisor™
Tel: 02 98941844, Mobile: 0413 936 299
PO Box 6002 BHBC, Baulkham Hills NSW 2153
5/15 Terminus St. Castle Hill NSW 2154
Corporate Authorised Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL 221557
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.
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