Welcome to ESUPERFUND's November Newsletter.
In this issue, we have summarised the most common queries about the completion of your SMSF Annual Compliance Documentation, we introduce you to the latest SMSF educational videos released by the ATO and also highlight the costs of maintaining two Super Accounts for Insurance purposes.
Client Services Manager
Annual Compliance Documentation Update
We have received many queries from clients after submitting their Checklist regarding the progress of their Annual Compliance documentation. We have summarised the most common queries below.
How do I make changes to the Online Checklist after submission?
We advise that you cannot amend the Checklist after submission. If you would like to make changes, please forward the updated information to our office via email, fax or mail. We will take note of the updated information when completing the Annual Compliance Documentation for your SMSF.
How long will it take to process my Annual Compliance Documentation?
We advise that the average completion time is 2 to 3 months from the day you submit] the Online Checklist depending on your Fund’s circumstances.
If you have not received any communication from our office within 3 months of submitting your Checklist, please do not hesitate to contact our office.
How can I facilitate the processing of my Annual Compliance Documentation?
You need to ensure that you remain contactable at all times. Accordingly please update your contact details through the Client Portal immediately if you have changed your contact details.
I missed the Checklist submission due date of 31 October 2014. What can I do?
Please submit your Checklist via the Client Portal at your earliest convenience. We kindly remind you to check the "ITR Status" under the Checklist History Page which indicates the due date for your Fund's Annual Tax Return (i.e. 28 Feb or 31 May). You must submit your annual Checklist at least 2 months before the due date for your Fund's Annual Tax Return to allow our office sufficient time to prepare your Tax Return.
New SMSF Videos Released by the ATO
The ATO recently released new SMSF videos that are designed to help you understand trustee obligations, plan ahead and make good decisions for your SMSF. These are the most recent ones that may be of interest to you.
Paying an Income Stream
There are tax advantages available when a fund starts to pay an income stream but only if your fund meets certain conditions.
Planning for the Unexpected
Is your SMSF ready for unexpected events that could have an impact on your SMSF?
If you do not have a Binding Death Agreement in place you can apply for one via your Client Portal here for Free!
What is an Actuarial Certificate?
An Actuarial Certificate may be required if a pension is commenced in your SMSF. The Actuarial Certificate determines what percentage of the Fund was in Pension mode (and hence tax free) and what percentage of the Fund was in Accumulation mode and hence taxable. The cost to prepare an Actuarial Certificate is . Actuarial Certificates can be avoided in four situations which are detailed here.
Costs of Having Two Super Accounts
You may have chosen to keep your existing superannuation account with an industry or retail fund to maintain your life insurance cover. There maybe some advantages to this strategy, but it may not be the most cost-effective option or the only way to maintain your life insurance.
Many thanks for your usual excellent and prompt service. I have recommended your company to all of my friends and acquaintances over the past couple of years.
ESUPERFUND should be the choice of every SMSF investor.