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SMSF Investment Strategy Requirements

Amendments to section 4.09 in the Superannuation Industry Supervision Regulations (SIS) 2012 now require the trustees of an SMSF to ‘review regularly’ their fund’s investment strategy. They must consider as part of their investment strategy ‘whether the trustees of the fund should hold a contract of insurance that provides insurance cover for one or more […]

Taxation of Early Illegally Released Super

Any amount that is illegally accessed early from a Self Managed Super Fund must be declared as income in the member’s individual tax return. The amount should be declared as ‘other income’ and will be assessed at the marginal tax rate plus the Medicare levy. Failure to declare early accessed super may result in interest […]

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