Perfect Preparation means Peak Performance for SMSFs

Released: 21 Apr 2010

There’s  only a few months to go before 30 June and now is the ideal time for those managing Self-managed Super Funds (SMSF) to review their financial position and start planning for the new year. We suggest you consider your year-end planning strategies now. Call Wakefield Partners to make an appointment to review your fund.

1.            Be aware of what your super fund can claim as a deduction.

This may include

• ongoing portfolio management, accounting and administration fees.
• Insurance premiums purchased through your SMSF.

This highlights one of the benefits of having your Personal Insurance purchased through your SMSF. This is in contrast to purchasing insurance directly where the you are the policy owner. Personal Insurance premiums other than Income Protection Insurance are not generally deductible to the individual. We can advise you on the appropriate cover for yourself and the other members of your SMSF.

2.            Review Your Investment Strategy

Is your SMSF in line with its investment strategy? Do you have a written strategy? With the recovery seen in investment markets over the last 12 months you may need to review your asset allocation. We can provide a strategy that will make your auditor smile!

3.            Are you drawing a pension from your SMSF?

We suggest you start thinking about your income levels for 2010/11 now. Does your SMSF you have sufficient liquidity to cover pension liabilities? Keep in mind the government has not announced any continuation of the “Minimum Pension Relief for Self-Funded Retirees”, and as it stands now it will return to the “normal” minimum levels from 1 July 2010. For example for a person aged between 55 and 64, the Minimum Pension Drawdown will return to 4% per annum up from the current 2%.

4.            Reporting

Existing SMSFs are required to have their tax returns lodged with the ATO by a registered tax agent by mid-May. Is your SMSF on target to meet this deadline?

*An existing fund is a fund commenced prior to 1 July 2009 and has lodged previous returns.

Do you have any concerns or questions regarding your SMSF? Then call in to have a talk with us.