Frequently Asked Questions

Unused Concessional Contribution Cap Carry Forward Provisions

The first opportunity members of super funds have to make use of this new provision, is the 2019/20 financial year. Here are the rules: To access potential unused concessional contributions from prior years, you must have a total super balance...
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COVID-19 – Providing rental relief for the tenant in my SMSF property

The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a property and a tenant in financial distress, you may be able to provide your tenant with rental relief...
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COVID-19 – The Government’s economic stimulus packages explained

Over the past two weeks the Government has announced two economic stimulus packages to cushion the economic impact of the Coronavirus. A total of $189 billion is being injected into the economy by all arms of Government in order to...
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FAQ: Early Access to Superannuation – Australian Government’s Economic Response to the Coronavirus

The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. TEMPORARY EARLY ACCESS TO SUPERANNUATION Summary While superannuation helps people save for retirement, the Government...
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FAQ: What is Safe Harbour for Self Managed Super Funds and how does it affect me?

The Safe Harbour provisions as announced by the ATO in Practical Guidance Statement 2016/5 (PCG 2016/5) concern related party limited recourse borrowing arrangements (LRBAs). There have been rumblings by the ATO for some time now about their concerns regarding non-arms’...
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FAQ: My wife and I share a SMSF with our Australian resident children. We plan to move overseas indefinitely. Can we still be members of our SMSF?

It is possible to remain a member of your SMSF, however there are certain requirements that would need to be met in order to meet the superannuation rules. A full picture of SMSF residency issues can be found in the...
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FAQ: Does it matter if I make my pension reversionary to someone else or should I leave it as non-reversionary?

The question of whether to make a pension reversionary was easy to answer a few years ago as there were substantial tax advantages to such an arrangement. Before 1 July 2012, upon the death of a member with a non-reversionary...
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FAQ: Can I transfer my BHP shares into my SMSF?

Yes, you are able to transfer your BHP shares into your SMSF as long as they are transferred at market value. Although SMSF trustees are generally prohibited from buying assets from members or related parties; an exception exists where trustees...
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FAQ: I am 45 and have just lost my job. Can I access my super to see me through until I find another job?

It is common for people to start looking at their superannuation balances when under financial stress, however although it is your personal superannuation account, it is generally difficult to withdraw any benefits until retirement. For most of us, our superannuation...
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FAQ: Can my SMSF borrow money to invest?

Through what’s known as a Limited Recourse Borrowing Arrangement, your SMSF can borrow money to invest in a variety of assets.

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