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Monday 8:30am - 5pm Tuesday 8:30am - 5pm Wednesday 8:30am - 5pm Thursday 8:30am - 5pm Friday 8:30am - 5pm

SMSF Live

Self Managed Super Fund services, including set up and on going administration & support services. Self Managed Super Fund - Administration

30/11/2022

If you're thinking about starting a self managed super fund, SMSF Live can help make it simple. 😀

Call one of our team today on 1800 767 354 or visit our website to find out more https://smsflive.com.au/

27/11/2022

With SMSF Live, all your SMSF financial data and investments are live and up to date. No more waiting until the end of the financial year.

To find out more 📲 1800 767 354.

25/11/2022

Are you looking for more control over your superannuation investments?

If you're thinking about establishing an SMSF, you can chat with us online https://smsflive.com.au/ or call us on 1800 767 354.

21/11/2022

𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗚𝘂𝗶𝗱𝗲 𝗙𝗼𝗿 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗜𝗻𝘀𝗶𝗱𝗲 𝗬𝗼𝘂𝗿 𝗦𝗠𝗦𝗙

The ATO requires that all property held within an SMSF is valued on a regular basis. How regular is dependent on market conditions and the nature of the dwelling.

According to superannuation legislation, real property is not required to be valued on an annual basis instead, it should only be re-valued if there is a significant change in the housing market, renovations were completed, or the income yield of the property has changed.

Since it is not often clear as to exactly when a property should be re-valued, a general rule within the super fund industry is that an SMSF property should receive a valuation every three years.

It is also key to note that the valuation of a property owned by an SMSF can be completed by the trustees of the SMSF. However, most SMSF auditors will require the valuation to be completed by an independent valuer e.g., a real estate agent.

18/11/2022

The ATO provides guidance for SMSFs considering investing in Crypto Assets and strongly encourages trustees to seek independent professional advice.

The ATO website provides the following information:

While SMSFs are not prohibited from investing in crypto assets, the investment must:
- be allowed under the fund’s trust deed
- be in accordance with the fund’s investment strategy
- comply with the same regulatory requirements as apply to other investments – as set out in the Superannuation Industry (Supervision) Act (SISA) and Superannuation Industry (Supervision Regulations (SISR).

For tax purposes, crypto assets are not a form of money but are capital gains tax (CGT) assets.
Ref: https://www.ato.gov.au/super/self-managed-super-funds/in-detail/smsf-investing/smsf-investing-in-crypto-assets/

15/11/2022

𝘞𝘩𝘢𝘵 𝘏𝘢𝘱𝘱𝘦𝘯𝘴 𝘐𝘧 𝘐 𝘈𝘤𝘤𝘪𝘥𝘦𝘯𝘵𝘢𝘭𝘭𝘺 𝘋𝘳𝘢𝘸 𝘔𝘰𝘯𝘦𝘺 𝘖𝘶𝘵 𝘖𝘧 𝘔𝘺 𝘚𝘔𝘚𝘍 𝘉𝘢𝘯𝘬 𝘈𝘤𝘤𝘰𝘶𝘯𝘵?

An accidental withdrawal of funds from a SMSF generally ought not result in a breach of the Superannuation industry (SIS) Act so long as the auditor is comfortable that the breach was unintentional, and the funds withdrawn were only minimal.

Where an accident has occurred, the funds should be repaid to the super fund as soon as possible.

Section 52 of the SIS Act does state that Superfund assets must be kept separate from the trustee’s assets. Therefore, if an individual trustee accidentally pays for personal expenses with their SMSF bank account, then this accidental withdrawal may be considered a loan between the trustee and the SMSF. In this scenario, the amount withdrawn will need to be included in the trustee’s individual tax return where it will be taxed at their marginal tax rate. Tax shortfall penalties, interest and administrative fees may also apply.

13/11/2022

A popular strategy to create wealth for a business owner is to purchase a business premise for their business as opposed to renting from an unrelated party.

It is recommended that the purchase of the property is kept separate from the trading business to ensure the asset is protected from any creditors.

Common structures to purchase a business premise include Self Managed Superannuation Funds (SMSF), Discretionary Trusts, Individuals or as a Partnership.

If you're considering this strategy for your SMSF, talk to an SMSF specialist financial adviser.

11/11/2022

A Transfer Balance Account Reporting (TBAR) event must be reported to the ATO by the following dates:
• Member Balance < $1M – by lodgement date of the SMSF tax return
• Member Balance > $1M – within 28 days after the quarter has ended
Note – the member balance is based on the closing balance at 30 June the year preceding the TBAR event.

Examples of TBAR events that must be reported to the ATO include:
• When a member commences a retirement phase income stream
• When a death benefit is paid to a reversionary beneficiary
• Commutations of retirement phase income streams.

Examples of events which do not need to get reported include:
• Pension payments
• Investment earnings and losses
• Death of a member.

Where a TBAR event is not lodged by the deadline the SMSF may be liable for Excess Transfer Balance Tax which may require the member to commute a portion of their retirement phase income stream. Further compliance action and penalties could also apply.

09/11/2022

Alternative investments consist of investments that do not fit into a common asset class such as cash, equities, and property.

Examples of alternative investments include commodities, private equity, and collectables.

The appeal of owning alternative investments within an SMSF is that they often add protection against regular market fluctuations since the factors that drive their performance are not correlated to those that impact other investments.

Alternative investments can be included in an SMSF’s investment strategy if it is permitted by the fund’s trust deed, it is not prohibited by super laws, and it meets the sole purpose test.

It should also be noted that are certain inherent risks associated with investing in alternative asset classes. For instance, alternative assets generally have low liquidity, since the markets which they trade on are often smaller and driven by less technology.

08/11/2022

Are you falling behind in the paperwork for your self managed super fund?

Take the burden out of SMSF administration with SMSF Live and receive up-to-date information with the SMSF Live App on your phone or on our website https://smsflive.com.au/

04/11/2022

A recent financial scam designed to trick Australians out of their retirement benefits has been uncovered in a raid on a Philippines call centre. Part of the scammer's pitch involved self managed super funds.

This is another example that highlights the need for extra due diligence when you're thinking of setting up a self-managed super fund.

The SMSF Live team are here to help answer your SMSF questions on 1800 767 354.

01/11/2022

From 1 July 2022 all employers are required to contribute 10.5% of gross wages to an employees nominated super fund account.

The Super Guarantee increase from 10% to 10.5% is set to rise again to 11% on 1 July 2023 for the 2023–24 financial year and will continue increasing by 0.5% every year until it reaches 12% from 1 July 2025.

Please note that not all wages attraction super guarantee, these include overtime hours, expense allowances, workers compensation and bonuses.

If your employer doesn’t pay the required rate of SG into your super account by the quarterly due date, they may have to pay a Superannuation Guarantee Charge (SGC) to the ATO. The SGC includes all the SG amounts owing to their employees, plus interest and an administration fee.

Employers who don’t pay the SG into the correct super fund by the due date must report and rectify the missed payment by lodging an SG Statement and paying the SGC.

Address

75 Tudor Street
Hamilton, NSW
2303

Opening Hours

Monday	8:30am - 5pm
Tuesday	8:30am - 5pm
Wednesday	8:30am - 5pm
Thursday	8:30am - 5pm
Friday	8:30am - 5pm

Website

http://smsflive.com.au/

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