Yes! However, they are very strict rules, Firstly it is important that your deed and investment strategy allow it. From an Auditor perspective, it is important that the SMSF clearly owns the asset and it is kept separate from your own funds. A clear valuation confirming the holdings at at 30 June is also necessary.
The ATO is the governing body for Self Managed Super funds in Australia. Due to the high level of regulation around SMSF’s they have imposed an Admin fee to cover the cost of confining the compliance of your SMSF. This fee is paid twice in the first year, however, it is not charged the year an SMSF is wound up.
Arm’s length means that the related parties of the SMSF need to be treated as if they were a completely separate individual or entity. Read more about it here
Limited recourse simply means that the recourse that the lender has is limited only to the asset that was purchased for with the loan. It is generally held in a bare or holding trust and therefore the remaining assets in the SMSF are isolated and cannot be touched by the lender. Read more about it here
Transferring assets is limited to only Business real Property and Listed stocks. Keep in mind it is also subject to contribution rules.
Unless you have extenuating circumstances, you need to meet a condition of release. We can go over your circumstances to help determine your condition of release.
Making a plan for your retirement is very important, the earlier we can work together to make a plan the better the solution we can offer. You can read more about it here
We can offer all personal taxation and small business taxation and Accounting needs. From high net worth individuals to complex family structures. We specialise in Crypto accounting and all aspects of SMSF administration and advice for SMSF.
It is always a tough situation when a member dies and our team will assist the best way we can to resolve what is needed, to read more about it go here
Yes! under the current rules, SMSF’s need to be audited by an independent registered SMSF auditor. We have multiple that we can liaise with on your behalf, more more on the annual audit go here
HOW CAN WE
Contact us at the Elmbridge & Co office or submit a business inquiry online.