My SMSF

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With global market uncertainty, there is no better time than now to setup an SMSF

SMSF Pension Payment Reduced by 50%

To assist retirees, the Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019–20 and the 2020–21 financial years.

My SMSF suggests you minute this change and notify your SMSF Administration provider once done.

Source: ATO

Covid-19 Super Release Process SMSF's

First, log into your MyGov app, or Setup MyGov and add the ATO service. Next , when in ATO services, apply for first tranche of $10k
and provide all the necessary supporting documents and wait for the ATO to approve your request, they will send you a letter, when your claim is approved.

The next step is to forward a copy of this letter to your SMSF administration provider. Next, withdraw this approved amount only, and forward a receipt for the withdrawal.

This should be a last resort measure as withdrawing any super will have a significant effect on your retirement savings. Seek Financial advice if in doubt

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SMSF LENDING CHANGES

SMSF LENDING CHANGES New changes proposed in the 2017 Budget related to LRBA’s or SMSF Loans, has been passed by parliament, which has resulted in the following change.

My SMSF Budget 2017 Update

My SMSF Budget 2017 Update

My SMSF Tax Alert

My SMSF Tax Alert