SMSF

An SMSF can typically hold life (death) cover, total and permanent disability (TPD) cover and income protection cover for its members. Since mid-2014, insurance policies taken out through a fund must align with a condition of release, so the insured event and the circumstances …

Fund assets must be held in the fund's name and kept separate from personal and business assets. This separation is an operating standard, not just administrative tidiness. Mixing fund money with personal money, or using a fund asset personally, blurs the line the system …

Several motivations recur when people explain a move to an SMSF. Control andInvestmentchoice come first. An SMSF lets trustees decide exactly what the fund invests in - direct shares, term deposits, commercial property, and other properties - rather than choosing from an APRA fund's …

A death benefit nomination is a written instruction from a member telling the fund'sTrusteewho they would like to receive their super death benefit. Super law limits who can receive a benefit directly — broadly, your dependants (such as a spouse or child) or your …

Superannuation law and tax law each define “dependant”, and they are not the same. Under superannuation law, a child of any age is a dependant, so an adult child can receive a death benefit ATO death benefits. Under tax law, however, the definition is …

The ATO could not be clearer: you are responsible for running the fund and for the decisions it makes, and you cannot contract out of your responsibilities ATO obligations. You can delegate tasks — the doing of the work — but not the accountability …

An SMSF is built on the principle that its members run it. Every member must be a trustee (or a director of the fund's corporate trustee), and all trustees are responsible for running the fund and making decisions in the best financial interests of …