On 22 March 2020 the Government announced the second of their stimulus packages to support Australia through the economic consequences of the Covid-19. The rules announced today for those suffering reduced incomes are explained here.

On 22 March 2020 the Government announced the second of their stimulus packages to support Australia through the economic consequences of the Covid-19. The rules announced today for retirees are explained here.

In any discussion about the pros and cons of SMSFs, the most common words in the conversation are 'control' and 'flexibility'. And these are certainly highly relevant as they are indeed benefits of SMSFs.

Originally published in "Australian Financial Review" - We outline the rules to follow when your DIY fund invests in areas that might be perfectly legal but are less common.

The ATO recently identified approximately 18,000 SMSFs who hold 90% or more of their assets in a single asset or a single asset class. The ATO is concerned that these funds may not have met their investment strategy requirements.

Approximately 10% of SMSFs own commercial property and often this commercial property is leased to a related party. There are a number of rules to follow to ensure the arrangement complies with the superannuation / tax laws.

Division 293 tax is the name given to a special extra tax (15%) paid on some or all of the concessional superannuation contributions made for high income earners.

Top of mind for many SMSF trustees – particularly retirees - is the upcoming Federal Election and the Australian Labor Party (ALP) policy on refunds of excess franking credits.

As we get closer to the end of the financial year, many SMSF members with pensions will be checking the amounts paid from their fund so far to make sure the minimum payment requirements will be met.

If you hold insurance cover in a superannuation account separate to your SMSF, you might need to take action to ensure this cover continues.

When the unthinkable strikes, members can access their super tax free, but consider the strategies first.

There was presumably a collective sigh of relief from our largest financial institutions when Hayne decided not to recommend a ban on superannuation funds that make a profit.