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Running your own SMSF comes with a number of responsibilities, and it can be hard to keep on track of everything you need to do. This guide will provide a summary of the main things your SMSF needs to do to meet its legal and compliance obligations with the ATO, to avoid being fined.
Make sure your SMSF meets the following criteria:
One of the key benefits of an SMSF is that you have much more freedom with what you can invest in. However, there are still some rules your SMSF needs to follow.
SMSFs are created for retirement purposes and cannot grant benefits before retirement. If an SMSF invests in collectables (such as rare coins) and personal-use assets (such as expensive art or an antique car) it needs to comply with strict rules.
The types of contributions that an SMSF can accept from the trustees or members are employer contributions (this is the super guarantee), personal contributions, salary sacrifice contributions, super co-contributions and eligible spouse contributions.
As well as the above ongoing compliance responsibilities, your SMSF has some admin obligations to meet each year to remain compliant with the ATO.
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An SMSF service can help you establish your self-managed super fund, and assist with ongoing admin and management of the fund. Here are the pros and cons.
Can I hold cryptocurrency in a SMSF?
Understand the pros and cons of self managed super funds, including tax benefits and investment risks, before you open your own SMSF.
Learn how to roll over your super into your SMSF and make contributions into the fund.
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Learn the responsibilities and obligations of SMSF individual and corporate trustees, including the trustee declaration requirements.
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If you’re ready to start your own self managed super fund, follow our easy guide.
Can I use my superannuation to purchase cryptocurrency?
Hi Ben,
Thanks for reaching out to finder.
The only way to invest super in cryptocurrency is to use self managed superannuation (SMSF). You also need to be aware of certain guidelines ATO has implemented when it comes to using your SMSF in cryptocurrency transactions. You can go to this page to read helpful information about ATO cryptocurrency rules in SMSFs.
Just a friendly reminder, before investing in any cryptocurrency, please note that cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Consider your own circumstances, and obtain your own advice before making any decision.
I hope this helps.
Cheers,
Charisse
Do you have a comparator to compare the fees of a regular super account (e.g. admin fee) vs. the fees of an SMSF (e.g. auditing fee, reporting fee). I’m trying to figure out if I should switch from ING Living Super Term Deposits to ING SMSF Term Deposits.
Hi J,
Thanks for getting in touch with finder. I hope all is well for you today. :)
Unfortunately, we don’t have that calculator or comparison table that compares regular super account and SMSF. However, we do have a comparison table for super fund accounts here.
It would also be helpful to read our reviews for both ING Living Super Account and ING SMSF Term Deposit.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
That last link isn’t working for me, but thanks.
You’re very much welcome, J. :)