Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive.
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers.
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).