POWERED BY MOMENTUM MEDIA
ATO issues SMSF rollover warning
A rollover/benefit transfer to a self-managed super fund (SMSF) will count as a contribution when it comes to the active member-test, the Australian Taxation Office (ATO) said.
The ATO said once a member of an SMSF becomes a non-resident, the SMSF should not receive any contributions, rollovers, or benefit transfers by in respect of the members.
If this does not happen, the SMSF may fail the active member test and may not be a complying super fund.
The test is one of three to see whether a complying super fund has lost its residency status.
Loss of residency means the fund faces a special tax of 47 per cent on the asset value of the fund (less un-deducted contributions).
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
