The mandatory reporting regime - where Auditors must make Contravention Reports to the ATO where non-compliant funds are found - has resulted in thousands of Contravention Reports being lodged in Calendar 2013. Trustees are well advised to retain the services of up to date competent professional advisers.
How much of your super goes to the tax man when you die? Often when a person dies a large proportion of their super is liable for taxation, resulting in up to 30% of their super capital value being lost in tax.
We have seen a lot of traps investors have fallen into when dealing with property investments in their SMSF. We have explained the basics of what to watch out for here...
Many Super Fund Deeds do not allow the surviving trustee in event of death of a member / trustee to use their discretion to retain death benefit lump sums within the super environment on behalf of the beneficiary.
With many migrants continuing to come to Australia from the UK and wanting to transfer their private pension funds there have been some financially disastrous consequences for some migrants.