Technical Knowledge Base

Who is a related party of an SMSF?

A related party of an SMSF includes members, their relatives, Part 8 associates and any companies or trusts controlled by the members.

Written by Kris Kitto
Updated over a week ago

New accounting standards AASB 2020-2 may require SMSF trust deed update

An amended accounting standard may require SMSFs to update where deeds require financial statements prepared in accordance with AAS.

Written by Kris Kitto
Updated over a week ago

Video conference witnessing of legal documents and trust deeds in NSW

Skype, FaceTime & Zoom can now be used to witness legal documents incl Wills, powers of attorney, statutory declarations & trust deeds, SMSF

Written by Christina Wolfsbauer
Updated over a week ago

Does an SMSF trust deed need to be witnessed?

Witnessing requirements for an SMSF trust deed depend on whether the trustee(s) are individuals or a corporate trustee.

Written by Kris Kitto
Updated over a week ago

Company Directors & Gainful Employment

Directors aren't considered common law employees, unless they are also engaged under a contract of employment to provide non-director duties

Written by Intello Robot
Updated over a week ago

Superannuation dependents under tax and super law

The SIS Act defines who can receive a superannuation death benefit and the Tax Act determines how the death benefits are taxed.

Written by Kris Kitto
Updated over a week ago

Payments / refunds issued to closed SMSF bank account

Where an SMSF has been wound up how do you treat refund cheques, payments, LISC, compensation payments and other items received after close?

Written by Kris Kitto
Updated over a week ago

General SMSF Tax Deductions

Expenses a trustee incurs managing an SMSFs investment portfolio including subscriptions, investment fees, equipment may be deductible

Written by Kris Kitto
Updated over a week ago

Promissory Note Template - Australia

A Promissory Note documents the legally binding promise that a borrower makes to pay back a loan under certain terms and conditions. SMSF.

Written by Kris Kitto
Updated over a week ago

FAQs on $10,000 Early Release Payments for SMSFs

FAQs on Super Early Release for SMSFs to provide quick answers to key questions about the $10,000 COVID-19 early release of superannuation.

Written by Intello Robot
Updated over a week ago

SMSF In-house assets above 5% due to market impact of COVID-19

Share market downturn has meant as at 30 June 2020 the value of some in-house assets will be more than the 5% in-house asset threshold.

Written by Intello Robot
Updated over a week ago

QROPs Registration and Transfers

Written by Kris Kitto
Updated over a week ago

What happens when an SMSF trustee company is de-registered by ASIC?

Written by Kris Kitto
Updated over a week ago

ATO Safe Harbour Provisions for Related Party LRBA Loans

ATO releases safe harbours for non-bank SMSF limited recourse borrowing arrangements. LRBA safeharbour interest rates.

Written by Kris Kitto
Updated over a week ago

When to date an SMSF Bare Trust Deed - State by State comparison

The following summarises when to date a bare trust deed for an SMSF property purchase using a LRBA States: QLD NSW ACT VIC TAS SA WA NT

Written by Kris Kitto
Updated over a week ago

SMSF LRBA Borrowings from Related Parties

An SMSF can borrow from a related party to fund a limited recourse borrowing (LRBA). Follow strict safe harbour rules to ensure compliance.

Written by Kris Kitto
Updated over a week ago

Superannuation conditions of release

A condition of release must be met prior to withdrawing superannuation benefit. Conditions of release: Retirement, turning age 65 and more.

Written by Kris Kitto
Updated over a week ago

Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 - Market Linked Pension Commutations Transfer Balance Debit

Debit applies to members transfer balance account on commutation of market linked or complying life expectancy pension.

Written by Kris Kitto
Updated over a week ago

FAQs SMSF Minimum Pension Reduction 2020-21

Can I put excess pension amounts above the minimum pension back into my SMSF? Can I treat payments above the minimum amount as lump sums?

Written by Intello Robot
Updated over a week ago

Must a prorated minimum still be paid if the pension is commuted on July 1?

Written by Kris Kitto
Updated over a week ago

Do you need to commute when moving a pension from one fund to the other?

Written by Kris Kitto
Updated over a week ago

Can an SMSF pay a pension in specie?

Written by Kris Kitto
Updated over a week ago

What happens if TRIS payments exceed the maximum annual limit?

Written by Kris Kitto
Updated over a week ago

30 June 2017 Transfer Balance Cap Pension Commutations: PCG 2017/5

Written by Kris Kitto
Updated over a week ago

Will a single pension payment satisfy the definition of an income stream?

Written by Kris Kitto
Updated over a week ago

Paying a temporary incapacity benefit from an SMSF

Written by Kris Kitto
Updated over a week ago

Pension payment treated as a lump sum for tax purposes

Written by Kris Kitto
Updated over a week ago

Collectibles and Personal Use Assets - General Compliance Information

Written by Kris Kitto
Updated over a week ago

Bitcoin and crypto-currency investment in an SMSF

SMSFs can invest in Bitcoin and other cypto currency investments including Ethereum, IOTA, Ripple, Dash, Litecoin, Monero and Cardano.

Written by Kris Kitto
Updated over a week ago

Concessional Contributions Reserves

Key information on concessional contribution reserving for an SMSF. Unallocated contributions. Allocate 28 days after end of the month.

Written by Kris Kitto
Updated over a week ago

Downsizer Contributions - ATO Rules

Downsizer contributions enable the proceeds of an eligible principal residence sale to be made into super. $300,000 per individual applies.

Written by Kris Kitto
Updated over a week ago

Total superannuation balance

Total super balance is measure as at 30 June each financial year and combines all accumulation & pension account values for an individual.

Written by Kris Kitto
Updated over a week ago

Notice of intent to claim a deduction for personal super contributions made to an SMSF

Claim deduction for personal super contributions made to an SMSF under s290-170 use a Notice of Intent to Claim form and give to super fund.

Written by Kris Kitto
Updated over a week ago

What is the Electronic Service Address (ESA) for SuperStream for SMSFs we look after?

Written by Kris Kitto
Updated over a week ago

Frequently asked questions on SuperStream for SMSFs

Written by Kris Kitto
Updated over a week ago

Taxation of disability super benefits

Written by Kris Kitto
Updated over a week ago

Code of Conduct for Commercial Tenancies including SMSFs

Code is guided by a set of principles, developed & legislated by State & Territories for commercial landlords including SMSFs. COVID-19

Written by Christina Wolfsbauer
Updated over a week ago

Commercial Property Lease Agreements

Intello can assist you put together a lease agreement for your SMSF clients commercial properties. This is a list of information required.

Written by Kris Kitto
Updated over a week ago

ATO SMSF LRBA Safeharbour Interest Rates

Safe harbour limited recourse borrowing interest rates for 2019, 2020, 2021. Interest rates for related party SMSF LRBA borrowings.

Written by Kris Kitto
Updated over a week ago

Intermediary LRBA - SPR2020/1

SPR 2020/1 - Intermediary Limited Recourse Borrowing Arrangement Determination 2020 - provides guidance on intermediary LRBAs.

Written by Kris Kitto
Updated over a week ago

SMSFD 2011/1 Benefit payable by cheque or promissory note

SMSF: Under SIS Regs, is a benefit paid using a cheque or promissory note "cashed" at the time the cheque/note is received by the member?

Written by Intello Robot
Updated over a week ago

ATO Administrative Penalties for SMSFs

SMSF trustees are personally liable to pay an administrative penalty from if they contravene the following provisions of the SIS Act 1993.

Written by Kris Kitto
Updated over a week ago

SMSF Reportable Contraventions List

List of auditor reportable contraventions for SMSF audits. Auditors must report these contraventions to the ATO. SIS Act and Regulations.

Written by Kris Kitto
Updated over a week ago

Approved Stock Exchange List

List of Approved Stock Exchanges Schedule 5 of Income Tax Assessment Regulations 1997. SMSF acquire listed security s66(2)(a) SIS Act.

Written by Kris Kitto
Updated over a week ago

FATCA - Foreign Account Tax Compliance Act for SMSFs

Does an SMSF need to complete a FATCA self-certification? How is this done for an SMSF? Completing FATCA / CRS certification for an SMSF.

Written by Kris Kitto
Updated over a week ago

Is the ATO ok with electronic signatures?

The ATO is comfortable & accepts electronic signatures for SMSFs for client declarations, tax returns & SMSF financial statements & minutes.

Written by Kris Kitto
Updated over a week ago

Varying PAYG Instalments for an SMSF

Where an SMSFs estimated income for the financial year is reduced, the amount of PAYG instalments paid each quarter can be reduced.

Written by Intello Robot
Updated over a week ago

ATO SMS text messages and emails for changes made to SMSF information

From February 2020 the ATO will send text messages & emails where SMSF details change. These are legitimate messages and not scams.

Written by Kris Kitto
Updated over a week ago

GST Registration for SMSFs

Should your SMSF register for GST? Yes - in most cases it is beneficial to register for GST on an annual voluntary basis to claim RITC.

Written by Intello Robot
Updated over a week ago

Obtain an ATO Letter of Compliance for an SMSF

You can obtain an ATO letter or notice and check the compliance of an SMSF via Super Fund Lookup.

Written by Intello Robot
Updated over a week ago

Configure SuperStream Superannuation Payments for an SMSF in Xero

Follow these instruction in Xero to add SuperStream details for an SMSF member

Written by Intello Robot
Updated over a week ago

ATO Statistical Update 2013-14

Written by Kris Kitto
Updated over a week ago

Register new AUSkey users (Standard or Administrator)

Follow these instructions to issue a new AUSkey to a user to enable them to access the Tax Agent Portal

Written by Intello Robot
Updated over a week ago