Can an SMSF use its assets to pay a members’ superannuation benefit?

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08/01/2018

Can an SMSF use its assets to pay a members’ superannuation benefit?

Using assets to pay superannuation benefits Can an SMSF use its assets to pay a members’ superannuation benefit?  Often an SMSF has plenty of assets but no cash. Or the member may want that particular asset. A non-cash benefit payment is called an ‘in specie benefit’.  So instead of paying the member in “cash” […]
30/05/2017

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method   But firstly, what is a “TRIS”? Many of my students in my Superannuation unit that I teach as an Adjunct Professor note ‘it is hard to get money into […]
09/01/2017

99.6% of Super Funds in Australia are SMSFs – SMSF statistics

2014-15 SMSF statistics – 1/3rd of Australia’s Super is in SMSF Legal Consolidated Barristers & Solicitors and the ATO releases this year’s SMSF Statistics. 1. What is the percentage of SMSF accounts of all Super Funds? 99.6% of funds in Australia are SMSF funds 2. Of the $2.1 trillion in […]
09/12/2016

Reversionary Pensions

Reversionary Pensions from dead husband – do they count towards your $1.6m pension? Reversionary pensions allow your spouse’s super to remain in super after they die – but there are problems. You can have more than $1.6m in your Superannuation fund. However, your pension is limited to $1.6M: Division 294 ITAA 97 […]
17/11/2016

Can you abandon a gift in a Will to keep the pension?

Can you abandon a gift in a Will to keep the pension? The Financial Planner carefully structures Mary’s affairs. Mary receives a $1 pension and Concession Card. But then, Mary’s mother dies. Mum’s Will leaves everything to Mary. The inheritance costs Mary her $1 pension and Concession Card. Mary has […]
14/10/2016

Reserves in a SMSF – How to complete annual return

A reserve account in a SMSF is unallocated. It has no owner. The wealth in a superannuation fund belongs to a member. You cannot have money in a superannuation fund not earmarked for a person. An exception is SMSF reserves. ‘Reserve accounts’ are assets in your SMSF that is not […]
21/09/2016

Art in SMSF – insurance & store in office premises

Art in SMSF is not a problem. However, every Self-Managed Super Fund, as part of its Investment Strategy and Product Disclosure Statement, must consider whether insurance on the fund’s assets is desirable or prudent. There is less than $500m of collectables held in SMSFs. This is a tiny proportion of the […]
26/08/2016

Can you offer ‘free’ SMSF setup? ASIC attacks SMSF promotor

[smartslider3 slider=13] &nbsp ASIC attacks SMSF promotor, but is it fair? Good old ASIC has successfully applied a penalty on a business seeking to set up your SMSF for ‘free’ – but then charging you $1,100 per year. The ASIC $10,800 slap on the arm is because the advertising of ‘free’ […]