Operating issues associated with a SMSF
by Wealth Know How in SMSF
This video looks at some of the serious issues in operating a SMSF. There are many complicated legal and compliance matters to be considered and James Dunn provides an easy to understand overview on just what are the important matters for you to consider. You may have a lot more control over your investment strategy but it always helps to have the right expertise and advice.
- sponsor - Wealth Know How
Wealth Know How is the online network helping people manage their wealth through financial education. Whether you are looking for simple ways to better manage your cash, or you are after a complete strategy on how to save for retirement, we can help you understand your options. It is important to have a vision for your future, but its knowledge not dreams that will ultimately deliver financial success.
Published on 27 Jan 14
-
-
Venezuela tension heats up
Duration 03:16
-
Aussie dollar surprises market
Duration 03:10
-
Markets climb as investors watch US healt...
Duration 02:31
-
-
This video looks at some of the serious issues in operating a SMSF. There are many complicated legal and compliance matters to be considered and James Dunn provides an easy to understand overview on just what are the important matters for you to consider. You may have a lot more control over your investment strategy but it always helps to have the right expertise and advice.
Sponsor - Wealth Know How
Wealth Know How is the online network helping people manage their wealth through financial education. Whether you are looking for simple ways to better manage your cash, or you are after a complete strategy on how to save for retirement, we can help you understand your options. It is important to have a vision for your future, but its knowledge not dreams that will ultimately deliver financial success.
-
Venezuela tension heats up
Duration 03:16
-
Aussie dollar surprises market
Duration 03:10
-
Markets climb as investors watch US healthcare bill
Duration 02:31
Once the fund is set up there are ongoing administrative tasks, most notably, filing an annual tax return, lodging member contributions statements and appointing an approved auditor to complete the annual audit. The accountant that prepares returns cannot also do the audit.
There are different operational issues if the fund is in saving for retirement mode (accumulation mode) or pension mode (providing a pension to members when retired).
Trustees must notify the ATO about any important changes to the trusteeship or membership of the fund within 28 days, and keep certain fund records for at least ten years.
Trustees not understanding their responsibilities remains the biggest issue in self-managed super. If the fund does not comply with all the regulations, processes and procedures, the trustees can be fined if they’re found to have breached the many conditions and the fund could lose its status as a ‘complying fund’ . So while the S stands for self-managed super, it’s definitely best to use appropriate professional advice.