Tax with Max: SMSF paperwork

This week we look at the introduction of SuperStream for SMSFs, changing trustees and moving shares to super.

Summary: From July 1 2016 all small businesses and SMSFs will be required to process superannuation payments via the SuperStream system – if SMSF accountholders previously paid their super from a business bank account directly to am SMSF this will have to cease in FY17. There is a six month time frame to appoint a new trustee to a DIY fund if one of the individual trustees passes away, though it may be better to plan in advance and appoint a corporate trustee while both individual trustees are still living.

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