Do it Yourself Super - a collection of tips on DIY Super. This type of superannuation is often called a Self Managed Super Fund (SMSF)
Buying a Business Property for your Business via a Superannuation Fund
- this needs to be consistent with the goal of the super fund which is to build up savings for retirement.
- The SMSF receive rent for the business property but taxed at a lower rate of 15% during accumulation phase, and nothing during pension phase.
- When sold, Capit
al Gains Tax is 10% during accumulation phase, and nothing during pension phase.
Risks for SMSF
Although SMSF enables the holders to have greater control and choice, there are very strict regulations with quite severe penalties. Here are a few things to note:
- Withdrawal of any part of the fund before the retirement age, currently 55 (please check), will make the fund Non-Compliant. This has sever penalties from the Australian Tax Office.
- One penalty of non-compliance is the SMSF is taxed at maximum rate, currently 47%
- Any or all of the trustees can be sued for non-compliance.
- Running your own SMSF comes with many risks.
- Ensure all trustees are signatories for withdrawal, to safeguard SMSF being withdrawn by any trustee without knowledge of others.
SMSF Services
Outsourcing running of SMSF to Bendigo's bank New admin service Super Astute.
It is supposed to comply with ATO's requirements
www.superastute.com.au
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This information has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you need to consider (with or without the assistance of an adviser) whether this information is appropriate to your needs, objectives and circumstances.
Buying a Business Property for your Business via a Superannuation Fund
- this needs to be consistent with the goal of the super fund which is to build up savings for retirement.
- The SMSF receive rent for the business property but taxed at a lower rate of 15% during accumulation phase, and nothing during pension phase.
- When sold, Capit
al Gains Tax is 10% during accumulation phase, and nothing during pension phase.
Risks for SMSF
Although SMSF enables the holders to have greater control and choice, there are very strict regulations with quite severe penalties. Here are a few things to note:
- Withdrawal of any part of the fund before the retirement age, currently 55 (please check), will make the fund Non-Compliant. This has sever penalties from the Australian Tax Office.
- One penalty of non-compliance is the SMSF is taxed at maximum rate, currently 47%
- Any or all of the trustees can be sued for non-compliance.
- Running your own SMSF comes with many risks.
- Ensure all trustees are signatories for withdrawal, to safeguard SMSF being withdrawn by any trustee without knowledge of others.
SMSF Services
Outsourcing running of SMSF to Bendigo's bank New admin service Super Astute.
It is supposed to comply with ATO's requirements
www.superastute.com.au
http://www.xpresssuper.com.au/
Set up SMSF for free and for the first year the standard annual fee of 799 waived. Assist comply with smsf rules and lodge docs. Restrict to use cba account and comsec. Life and disability insurance by AIA Australia
Set up SMSF for free and for the first year the standard annual fee of 799 waived. Assist comply with smsf rules and lodge docs. Restrict to use cba account and comsec. Life and disability insurance by AIA Australia
-------------------------------------------
This information has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you need to consider (with or without the assistance of an adviser) whether this information is appropriate to your needs, objectives and circumstances.
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