Mostly, the people who belong to an SMSF are also in charge (the trustees). But sometimes another person steps in as trustee or director of the corporate trustee for a variety of good reasons. There are a number of special issues to consider.

The process can be relatively simple as it largely involves paperwork. It doesn’t require assets to be sold or moved to a new super fund but it does create some traps.

The new rules mean you could be making after-tax top ups as well, so it’s vital to get your timing right.

It’s time to give related party lease arrangements an annual health check. Is a rent adjustment due? Are trustees able to keep offering COVID rent relief? What about NALE announcements?

With no news in this month’s Federal Budget, we had assumed the temporary halving of the minimum pension draw down rates would cease on 30 June 2021 (as currently legislated). However, the Government has now announced an extension for one more year.

The announcement of a two year amnesty, possibly starting as soon as 1 July 2022, was music to the ears of anyone dealing with market linked, complying lifetime or complying life expectancy pensions.

I’ve heard SMSF trustees now need to use SuperStream when rolling monies in or out their fund. Is that right? And what does it mean for me as a practitioner?

The 2021 Federal Budget did not include many superannuation measures but those that did make the cut were good news for SMSFs.

My 2020 Budget wishlist had three items: deal with residency, legacy pensions and the unnecessary complexity in the indexation of transfer balance caps. I’m giving this Budget a tentative 2 out of 3 – which ain’t bad at all.

The Treasurer announced 4 significant changes for superannuation contributions in the Federal Budget, all of which are expected to start from 1 July 2022 (subject to the relevant legislation receiving Royal Assent before that date).

It feels like this has taken a lifetime but finally the Government has announced it will do something meaningful about allowing members with so called “legacy pensions” to restructure their affairs.

Every year when Budget time rolls around we hope and pray that the Government will finally relax the residency requirements for SMSFs. This year our wishes were granted but only in part.