Category

SMSF

Setting up an SMSF: What you need to know

By | SMSF, Structure, Superannuation, Tax Planning | No Comments

There are tempting tax incentives for Australians to save for their retirement via the superannuation system, with an array of choice between superannuation funds that can manage your savings for you, but also the do-it-yourself option of a self-managed superannuation fund (SMSF). Managing your own retirement savings however is a huge responsibility and one that should not be viewed lightly. How you live and how comfortable your life will be when you’re no longer earning an income will depend largely on your efforts of saving…

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Seven Essential SMSF Planning Tips for 30 June 2015

By | SMSF, Superannuation, Tax Planning | No Comments

Another financial year is coming to a close and once again we are all busy undertaking tax planning for our clients. Reviewing and planning for your SMSF is just as, if not more, important. – While conducting audits for the 2014 year, I have encountered common problems that could have been avoided with pre 30 June planning. – And unfortunately, a number of the issues could not be fixed post 30 June – resulting in breaches or adverse tax consequences. I have set out below…

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Stop - Winding up an SMSF

Winding up an SMSF – Sydney Morning Herald Article

By | In The Media, SMSF, Superannuation | No Comments

The advantages of an SMSF can be significant, but as your circumstances change an SMSF may no longer appropriate. David McKellar, Director of Allied Business Accountants, was recently interviewed by Alexandra Cain in relation to why and how SMSF’s are wound up. Her article, including comments by David, was published in the Sydney Morning Herald. http://www.smh.com.au/money/super-and-funds/selfmanaged-super-can-be-more-work-than-its-worth-20140710-zsyy1.html

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The Secrets of Self-Managed Super Funds

By | Investment, SMSF, Strategy, Taxation | No Comments

Self-managed super funds (SMSF) can be beneficial to securing your financial independence. But is a SMSF the right option for you? What is a SMSF? Self-managed super funds essentially present a do-it-yourself approach to managing your superannuation. SMSFs can be single member, or comprised of up to four members. Members of a SMSF also act as trustee or director of a corporate trustee, and together, the trustees control and and invest the funds assets. Trustees of SMSFs assume responsibility for the overall investment strategy, subsequent…

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Federal Budget Summary

By | SMSF, Taxation | No Comments

Below is a summary of the key Budget measures announces in last nights Federal Budget. Please dont hesitate to contact us if you any questions, or would like to know how the measures may affect you. PERSONAL TAXATION Budget Repair Levy – 2% from 1 July 2014 on income over $180,000 The Treasurer announced the introduction of a Budget Repair Levy, which will apply for three years from 1 July 2014. This temporary levy will apply at 2% for income over $180,000 (only levied on the excess)…

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Eliminate Tax on Investment Income – SMSF Borrowing Strategy

By | Investment, SMSF, Strategy, Taxation | No Comments

Superannuation is the most tax-effective vehicle for investment. Either taxed on earnings at 15 per cent, or for those funds that are paying pensions to their members, a superannuation fund’s earnings become tax free. The problem however, is that the government knows all too well how concessionally taxed superannuation has become, so it has limited the amount that individuals can contribute to their concessionally taxed superannuation funds. As a result, many people have significant investments outside of superannuation that are taxed a higher individual marginal…

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SMSF Trustee Penalty Regime

By | SMSF | No Comments

On 6 March 2014, the Tax and Superannuation Laws Amendment (2014 Measures No.1) Bill 2014 passed through both houses of parliament, and is currently awaiting Royal Ascent. The Bill gives effect to a new penalty regime for trustees of Self Managed Superannuation Funds. Designed to encourage and ensure trustee compliance with the SIS Act, the regime commences 1 July 2014 and subjects trustees to monetary penalties, mandatory education and rectification directions if found in breach of the SIS Act. Monetary Penalties An administrative penalty is…

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