Welcome to ESUPERFUND’s April Newsletter.
In this issue, we remind you of the coming tax lodgement due date and we share some client stories of how they invest in property with their SMSFs.
Lastly, we highlight the compliance requirements in relation to collectables held in an SMSF.
Client Services Manager
15 May Tax Return Due Date is coming!
If you established your SMSF before 01 July 2014 or transitioned your existing SMSF before 30 June 2015, the 2015 annual tax return for your SMSF is due for lodgement by 15 May 2016.
How can you facilitate the lodgement of your SMSF Tax Return?
If you have not submitted your Online Checklist, then to avoid missing the lodgement due date, you need to submit your checklist via the Client Portal as soon as possible.
Once you submit your checklist, it is important to ensure that your contact details are up to date as we may need to contact you for further information. You can update your contact details via the Client Portal under “Dashboard” – “Contact”.
You will be notified via email as soon as the compliance documentation has been completed and is available for your review in the Client Portal. Once you sign and upload the declarations to the Client Portal, we will lodge the tax return with the ATO on your behalf.
You can visit our website for more information about the Annual Compliance Process.
ESUPERFUND Client Stories – Buying property with super
Our clients, Marnie and Peter, recently shared their experiences of investing in property through their SMSFs with us.
To read their stories, you can visit our website today at: https://www.esuperfund.com.au/why-us/casestudy.
If you would like to learn more about purchasing a property with borrowing in your SMSF, you can refer to our website at https://www.esuperfund.com.au/smsf-property/borrowing/residential-property for detailed information.
Should you also be interested in sharing your experiences of how you self-manage your super, please feel free to let us know and we will be in touch!
Do You Know?
Collectables - Don't leave it too late!
Assets considered to be collectables include artworks, jewellery, antiques and coins, etc.
From 1 July 2011, investments in collectables have been subject to strict rules under the Superannuation Industry (Supervision) Act 1993 (SISA) and Superannuation Industry (Supervision) Regulations 1994 (SISR). The rules require that:
Items cannot be leased to, or part of a lease arrangement with, a related party;
Items cannot be used by a related party;
Items cannot be stored or displayed in a private residence of a related party;
Investment in such items must comply with all the relevant investment restrictions, including the sole purpose test;
Decisions about storage must be documented (for example, in the minutes of a meeting of trustees) and the written record kept;
Items must be insured in the Fund's name within seven days of acquisition;
If the item is transferred to a related party, a qualified independent valuation is required.
For any collectables that you held in your SMSF before 1 July 2011 you have until 30 June 2016 to comply with these rules.
For more information on the collectables, please refer to the ATO website.
I am constantly impressed by the services supplied by ESUPERFUND and the prompt manner in which you deal with our questions.
Without ESUPERFUND I doubt that it would be worth having an SMSF, because there would be no one handy to deal with the numerous operational and accounting issues which must be dealt with.
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