News2018-02-12T23:45:18+00:00

Reporting rollovers to the tax office

When all or part of a member’s balance is rolled over to another super fund, the paying fund must report the information to the ATO using a Rollover Benefits Statement (RBS), which can be obtained from the ATO website (www.ato.gov.au). An RBS comprises four sections that include details of the receiving fund, the member, the...

Limited recourse borrowing to invest within an SMSF – how does it work?

In 2007, changes to superannuation legislation allowed self managed super funds (SMSFs) to borrow additional funds to invest in certain assets such as property and shares. To protect the fund’s other assets in case of loan default, however, restrictions were placed on the borrowing arrangements permitted within an SMSF. SMSFs can only borrow additional investment...

Collectables in an SMSF

One of the reasons that people set up a Self-Managed Superannuation Fund (SMSF) is to invest in the asset class known as ‘collectables’. As at March 2011, $592 million in SMSF assets were invested in artwork, collectables, metal, and jewels, according the quarterly statistical report issued by the Australian Taxation Office. Collectables include: artwork; jewellery;...

Investing in an SMSF: When it seems too good to be true…….

Self managed super funds (SMSFs) are designed to be … well, self-managed. Because their structure enables investors to take more control of their retirement savings, SMSFs are increasing in popularity. The trustees of an SMSF are responsible for, among other things, the fund’s investment strategy and the regular review of that strategy. But occasionally, unwary...