Should adult children be members of your SMSF?

There is enthusiasm within the current Government to increase the number of members within an SMSF from four (4) to six (6). Whilst the current limit remains at 4, some trustees may be asking themselves if it would be beneficial to add their adult children as members of their SMSF or if this is a strategy to avoid. Under the SMSF governing rules, with the exception of single member funds, all members must be either individual trustees or directors of the corporate trustee of their SMSFs and vice-versa. Hence, in terms of being members of SMSFs and running SMSFs, the same rules and responsibilities apply to children and parents alike.

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Understanding SMSF Expenses

SMSFs inevitably incur expenses during their operating life. It is important to understand that of the expenses incurred, not all

Apportioning SMSF Expenses

Where an SMSF has retirement phase pension accounts and accumulation accounts there may be a need to apportion expenses to

Unsegregated SMSFs and Actuarial Requirements

As a rule, SMSFs can either use the segregated or unsegregated/proportionate method to determine their Exempt Current Pension income (ECPI).

Implications of Late lodgement of your SMSF Annual Return

Fact Find: The SMSF Annual Return is an important document that covers the income tax return, regulatory information and member

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