SMSF

For an SMSF to properly hold cryptocurrency, the assets must be stored in a wallet that is in the name of the fund. This requirement flows from the general obligation that fund assets must be clearly identifiable as belonging to the SMSF and kept …

Private binding rulings 7915169902780 and 1052407683383 both establish that the classification of a superannuation payment, whether as a member benefit or a death benefit, depends on what the trustee of the fund knew when the payment was made. A payment processed before the trustee …

ATO approval for compassionate release is available on five grounds: preventing foreclosure on a home, medical treatment and transport, palliative care, funeral expenses, and disability modifications to a home or vehicle. Each ground carries specific eligibility criteria that must be satisfied before the ATO …

The sole purpose test in section 62 of the SIS Act requires that an SMSF be maintained for the purpose of providing retirement benefits to its members, or death benefits to their dependants. Any business carried on by the fund must be consistent with …

The wind-up date for an SMSF is the day on which the fund holds no assets. This is not the date on which trustees decide to wind up, nor is it the date that members' benefits are paid. The fund continues to exist until …

The final audit must be conducted by an ASIC-registered SMSF auditor. The auditor must be appointed at least 45 days before the intended lodgement date of the final annual return. Trustees must provide the financial accounts and compliance documents, and the auditor has 14 …

The starting point is the trust deed. Some SMSF trust deeds require assets to be converted to cash before benefits can be paid, which would prevent an in specie transfer entirely without a deed amendment. Trustees must confirm the deed permits this method of …