Author: smsf

Divorce

Superannuation interests may be split as part of a divorce settlement. The ATO has produced a brilliant publication which covers the subject admirably. It may be accessed by clicking here....

Understanding QROPS (UK Pensions)

There’s a great deal of complexity in transferring benefits to Australia. This is because you need to ensure that you are complying with both Australian and UK taxation and super/pension laws. We supply QROPS approved SMSF deeds and, where we are administering the fund on an ongoing basis, the necessary HMRC reporting. The UK regulator Within the UK,...

Promissory Notes

There are always those who leave their super contributions to the last minute. As a contribution is not made until it is received by the fund, invariably, some don’t quite make it in time. A contribution is made by cheque if the trustee receives it by June 30th, the cheque is banked in early July and it’s...

Birthdays

Birthdays provide an opportunity for you to reinforce your personal client relationships. Many also have legal ramifications that will affect your clients’ superannuation position. To assist you we; list all client birthdays indicating those that are within 28 days before the birthday send you an email alert 28 days beforehand, to prompt you to make an appointment if...

Pension issues for last year

This alert is intended to ensure that the appropriate levels of pension have been paid last year. It is only useful if last year's financials have not been completed and if benefit payments have actually been made. Typically the following adjustment types would be expected; seeking to limit the damage where pensioners have breached the maximum ...

Pension issues for the current year

This alert is intended to ensure that, by year's end, the appropriate levels of pension have been paid. It will activate if a pension minimum has not been met or a pension maximum has been breached. As a pension minimum will often not be met until the end of June this alert will not activate until...

Opportunities & Alerts

One of the primary functions of the SMSF Toolbox is to draw your attention to opportunities and alerts sourced from the data held within each fund. Many of these may become recommendations for your clients but this will depend on your assessment. We have endeavoured to include the data you will need to facilitate your assessment though...

Downsizer Contributions

From 1 July 2018, members of at least 65 years of age may be able to make a downsizer contribution into your super of up to $300,000. The contract must have been entered on or after 1 July 2018 and the property must be the member’s home or a property that qualifies for a main residence...

SMSF Toolbox User Guide

Operational Items The Toolbox is linked to the Class data base in real time. Any transactions processed in Class will be immediately reflected in the Toolbox. The opportunities and alerts are recalculated overnight. The Class link can be temperamental when used on Microsoft Explorer. For best experience we recommend Google Chrome or Safari. From time to time you will...

TRIS Converting to Retirement Phase

A transition to retirement income stream is not a retirement phase income stream so does not count towards the members transfer balance account until there has been a trigger of release. This may occur for various reasons including actual retirement after preservation age or total and permanent disability. These triggers require the trustee to be informed so...