Manage your SMSF

Choosing your beneficiaries

Your superannuation balance and any insurance benefits are not automatically covered by your will. Your will will only ever become relevant for your super benefit if the trustee of your fund pays the benefit to your estate.

Individuals

Beneficiaries

What are the rules about investing in SMSFs?

There are rules about what you can and can’t do with your SMSF investments. The rules not only relate to the actual nature of the investments but also who you buy them from. 

Why does a fund need an investment strategy?

Trustees need to manage the fund’s investments in the best interests of fund members and in accordance with the law. It’s important you have an investment strategy for your SMSF which outlines your fund’s objectives and specifies the types of investments your fund can make.

Sample Investment Strategy

Conservative / Balanced / High Growth Investor

Advisers Accountants Individuals

Investing in collectibles

While all super funds are required to invest solely for the purpose of saving for retirement or protecting beneficiaries on a member’s death, this doesn’t mean they can’t invest in assets that might normally be bought for personal enjoyment.

Borrowing to Invest

SMSFs are generally not allowed to borrow money. There are, however, some limited exceptions including borrowing to invest under a specific type of borrowing arrangement called a ‘limited recourse borrowing arrangement’ (LRBA).

Insurance in SMSFs

As SMSF trustee, superannuation law says as part of preparing the investment strategy for your fund you're required to consider whether to hold insurance cover for each member in your SMSF.

Insurance

Types of insurance in SMSFs

Insurance

Advisers Individuals Accountants

When things change in an SMSF

Whether they're anticipated or unexpected, things can change in an SMSF. It is important to let Heffron know of any changes so we can support you in taking steps to ensure your fund remains compliant.

Starting pensions

When you retire or reach preservation age, you can access your superannuation benefit as a lump sum or as a pension. A superannuation pension is also known as an income stream and can be started within your SMSF.

Pensions

What types of pensions can I have?

Almost all pensions are a particular type known as an account-based pension.

Pensions

Superannuation Contribution Limits

There are limits on how much can be contributed each financial year. If you exceed these limits, you will be subject to additional tax. The limits are often referred to as contribution caps and are increased periodically.

Who can contribute to an SMSF?

Whether a contribution is allowed depends on the type of contribution, the age of the member and the amount of the contribution. Contributions can be accepted for anyone up to age 65, once you turn 65 the rules begin to change.

Types of contributions

There are many different ways that members can contribute to their SMSF, and trustees should be aware that there are rules around who, how, when and what can be contributed to your super fund.

What happens if you exceed the contributions limits?

The treatment of excess contributions is different depending on whether the limit is exceeded on concessional contributions or non-concessional contributions.

2019/20 Facts and Figures

About SMSFs

What happens at the end of the Financial Year?

There are a number of tasks that need to be carried out for an SMSF each year to meet the statutory requirements on reporting to the ATO. The following is an overview of some of the key tasks and how Heffron can help you meet your obligations as trustee.

Individuals Advisers

Limited Power of Attorney

A Limited Power of Attorney is a legal document that enables Heffron to undertake very specific functions relating to your SMSF on your behalf.

Individuals Advisers

Data Feeds

A data feed is a secure electronic transmission of account transaction data from a financial institution directly into the SMSF Accounting Software.

Heffron's Online Portal Maestro

Heffron's flagship online portal offers clients online lodgement tracking, access to fund information, digital documents, direct communication with Heffron staff and much more.

Advisers Individuals

Electronic Signatures

Heffron uses an electronic signing platform called DocuSign. Reasons and benefits.

Advisers Individuals