If an individual has a superannuation account when they die, the trustee of the super fund will generally pay the deceased individual’s superannuation interests – accumulation and retirement phase interests – as a death benefit lump sum to a beneficiary. Superannuation death benefits can be…
Before a SMSF starts paying a transition to retirement income stream (TRIS) to a member, the member must have reached their preservation age. This is the minimum age that a member can access their preserved super benefits without satisfying another condition of release. From 1…
Trustees can now use their myGov login details to access government online services such as: the Business Portal Access Manager Australian Business Register (ABR). Once your SMSF’s ABN is connected to your myGov account, your myGov username and password become an alternative to AUSkey. You’ll…
The ATO have a number of approved education courses available for trustees to undertake to comply with an education direction. The list of approved education courses has been updated. All courses are available free and online at www.ato.gov.au/smsfcourses. If you are a new SMSF trustee,…
All self-managed super funds (SMSFs) now need to be able to receive SuperStream-compliant contributions. To do this, you will need to provide the following details to your employer. Your: SMSF Australian business number (ABN) SMSF bank account details to receive the contributions an active electronic…
If your SMSF has investments in collectables or personal-use assets that were acquired before 1 July 2011, time is running out to ensure your SMSF meets the requirements of the Superannuation Industry (Supervision) Regulations 1994 (SISR) for these assets. From 1 July 2011, investments in collectables and personal-use assets…
