The Self Managed Super Handbook is a plain English version of the superannuation law. The handbook is written by a qualified SMSF expert, who has over nineteen years experience dealing with the superannuation law and also worked in the Australian Taxation Office (ATO) for twenty-eight years. It explains the law in plain English, listing relevant references and publications that are freely available from the ATO website. The handbook has the latest legislation, regulations, ATO Rulings and Determinations. It also provides details of Federal Court cases and Administrative Appeals Tribunal decisions on SMSFs that have contravened the superannuation law. It includes statistics on Australian SMSFs.
The Self Managed Super Handbook is a useful reference guide for Self Managed Superannuation Fund professionals, trustees and members, and anyone else who wants to understand the superannuation law or establish and maintain a complying SMSF.
The Self Managed Super Handbook explains what trustees and members can and cannot do, and contains the following essential information:
- SMSF Structures: Things to consider before establishing an SMSF. The advantages and disadvantages of the Corporate Trustee versus Individual Trustees structures. Steps in setting up an SMSF.
- SMSF Trustees: Who can be a trustee. Information on bankrupt members and members suffering dementia. Trustee obligations.
- SMSF Residency: What happens when members go overseas as well as when they return to Australia. Consequences of becoming a non-complying superannuation fund.
- Operating a Business: SMSFs investing in members’ businesses.
- Investments: Investments involving related parties. How to determine whether a person or an entity is a related party of the SMSF. Market valuation of assets.
- Acquiring assets: Types of assets that can be acquired from members and others. Purchasing a residential home from a member. Leasing an SMSF’s property to a related party. Owning a Resort Villa.
- Selling assets: When an SMSF can sell assets to members.
- Lending: Providing financial assistance to members. Joint venture agreements.
- Borrowings: Borrowing money to acquire assets. Structuring borrowing arrangements. Using the same trustee for multiple holding trusts. Third party guarantees. Related party lenders.
- SMSF Auditors: An auditor’s obligations. Reporting contraventions to the Tax Office. Auditing your own SMSF.
- Contributions: Cash and in-specie contributions. When a contribution is received by an SMSF. Contribution types and limits. Contributions made in error. Refunding excess contributions. Division 293 Tax.
- Benefits: Cash and in-specie benefits. Accessing money from an SMSF. How a benefit is paid. Illegal early access. Minimum pension payment requirements. Who is a dependant? Death benefits. Binding death benefit nominations. Terminal illness benefits. Accessing a pension from an SMSF.
- Administration: Annual tax returns. Record keeping. Supervisory levy. Winding up an SMSF. SuperStream.
- Enforcement: Suspending and removing a trustee. Disqualifying a trustee. Prosecuting a trustee. Penalties that can be imposed by the Tax Office.
- Tax Deductions: Deductions claimable by SMSFs and members.
- Tax Payable: Tax treatment of superannuation benefits.
- 2016 Budget: Proposed superannuation changes announced in the 2016 Federal Budget.
- Superannuation Guarantee: Who is an employer or an employee. Deductions available on contributions. Salary sacrifice arrangements.
- Superannuation and Divorce: How superannuation can be divided upon a marriage breakdown.
- SMSF Statistics: How many SMSFs are in Australia. Membership sizes, ages and income ranges.