{"id":276,"date":"2023-06-26T15:31:36","date_gmt":"2023-06-26T15:31:36","guid":{"rendered":"https:\/\/santeoaccounting.com\/?page_id=276"},"modified":"2023-06-27T15:22:02","modified_gmt":"2023-06-27T15:22:02","slug":"smse-prepration","status":"publish","type":"page","link":"https:\/\/santeoaccounting.com\/?page_id=276","title":{"rendered":"SMSE PREPRATION"},"content":{"rendered":"\n\n\nn\n\n\n

\r\nSMSE\r\nPREPARATION<\/span><\/font><\/font><\/h2>\n\n

\r\nSelf\r\nManaged Super Funds, or the SMSF, are gaining popularity among the\r\npeople. Most people invest in SMSF as it helps them to save for the\r\nfuture. But, unlike other restrictive old age pension plans, the SMSF\r\nfund can also be utilized to invest in real estate as well. In this\r\narticle, we will help you on the kind of expenses and tax deductions\r\nyou can avail with your SMSF investment. <\/font><\/font><\/font><\/span>In\r\norder to make an expense from your SMSF fund, you would need to\r\nrelate directly from your fund. The thing to keep in mind is that the\r\nexpense that you make should be directly related to your retirement\r\nbenefit. So, any expense that would benefit you currently, would not\r\nbe paid by your super fund. For example, you can buy a house from\r\nyour SMSF fund as that would mean that in your old age, you will have\r\na roof over your head. So, that expense could be deducted from the\r\nSMSF account. But, if you buy a motorbike from the money, you cannot\r\ndeduct that expense from SMSF, as it would not be useful to you in\r\nyour old age. Also, if the expense is higher, it is likely to get\r\nmore scrutinization.<\/span><\/p>\n\n\n\n\n

\r\nSome\r\nof the SMSF rules are as follows<\/font><\/strong><\/font><\/font><\/span><\/span><\/font><\/strong><\/font><\/font><\/span><\/h1>\n

_______<\/h2>\n

\r\n\u25cf<\/font><\/span>\r\n<\/font>The\r\nloan that you take from your SMSF should be only for personal use,\r\nand not to provide additional assistance to relatives or friends.
\r\n\u25cf\r\nAll the transactions from the SMSF fund must be done on commercial\r\nterms.
\r\n\u25cf There are strict rules while selling things from your\r\nsuper fund, so exercise concern for the same, check your trust deed\r\nfor details, terms and conditions before selling.<\/font><\/font><\/p>

\r\n Payment\r\nremuneration to trustees<\/font><\/font><\/font><\/span><\/p>

\r\n\r\n<\/p>

 You\r\nwill not be able to pay remuneration to yourself for being a trustee\r\nof your SMSF fund. But, there are some ways that you can be\r\nremunerated for, these services are:
\r\n\u25cf You have proper\r\nlicenses and qualifications to perform the services
\r\n\u25cf The\r\nduties that you do should be a part of the services that you offer to\r\nthe public<\/font><\/font><\/font><\/span><\/p>\n\n\n\n\n\n

\r\n<\/h2>

Tax\r\nDeductions from SMSF<\/font><\/strong><\/font><\/font><\/span><\/h2>\n

______<\/h2>\n

\r\nYou\r\nwill not be allowed any Tax deductions from your SMSF account, but\r\nthere would be times when you could pay using super fund. According\r\nto the tax ruling TR 93\/17, some of the expenses that can be deducted\r\nas per your SMSF are:
\r\n\u25cf Accountancy fees
\r\n\u25cf Actuarial\r\ncosts
\r\n\u25cf Audit fees
\r\n\u25cf Creating trust deed in compliance\r\nto SIS
\r\n\u25cf The fees and premiums that would be covered under\r\nIndemnity insurance policies
\r\n\u25cf The costs that are made to make\r\nthe payments of benefits given to the members.
\r\n\u25cf ASFA\r\nmembership fees
\r\n\u25cf Investment Adviser Fees
\r\n\u25cf Fund\r\nManagement Advisory Costs<\/font><\/font><\/font><\/span><\/p>\n

\r\nIn\r\norder to stay out of trouble, you would need to make sure you have\r\nall the invoices to the super fund, and taking care that all the\r\ntransactions are done from the fund only.<\/font><\/font><\/font><\/span><\/p>\n\n\n\n\r\n

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