New data has enlightened the ATO of certain businesses that may not be meeting their superannuation obligations.
Trustees need to ensure there is sufficient cash available to meet the loan repayments and pension payments if members are in the retirement phase.
If a SMSF is more than two weeks overdue on any annual return lodgement due date, the ATO will change their status on Super Fund Lookup (SFLU).
New laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees.
New laws passed in the Senate may affect members of the self-managed super funds who still keep a small balance in their industry fund for insurance purposes.
The expenses considered deductible by super funds are similar to that of individuals.