Three year audit cycle proposed for SMSFs by government. How often must your SMSF be audited? Currently it is every year, but the government has proposed to extend this to a 3-year cycle.
Personal Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: Three year audit cycle proposed for SMSFs by government
Financial adviser is independent, what does that mean? The terms “independent”, “impartial”, or “unbiased” or similar terms can only be used to describe financial advisory businesses that meet certain conditions under the Corporations Act.
Read more: Financial adviser is independent, what does that mean?
SMSF taxable assets double, is your fund affected? Is your fund affected? New research has shown the transfer balance cap and reduction of tax concessions for transition to retirement pensions have achieved their policy outcome and made more SMSF assets taxable.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF taxable assets double, is your fund affected?
Super guarantee underpayments, employer amnesty to May 2019. Are you an employer that’s fallen a little behind on super guarantee (SG) payments for your employees?
Read more: Super guarantee underpayments, employer amnesty to May 2019
Downsize to boost your super from sale of family home. From 1 July 2018, people aged 65 or over will be able to make additional non-concessional contributions of up to $300,000 from downsizing their home subject to certain conditions.
Read more: Downsize to boost your super from sale of family home
Sole purpose test is an area of concern for SMSF trustees. If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay particular attention to including the sole purpose test, the in-house asset rules, unlawful schemes and arrangements, and dividend-stripping.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: Sole purpose test is an area of concern for SMSF trustees
Super, Growing your super will give you a good retirement. Are you nearing retirement or just want to put a little extra away for the future without putting a strain on your household budget?
Read more: Super, growing your superannuation will give you a good retirement
Early release of super, when is it legal to drawdown. Contrary to what illegal early access of superannuation promoters may say, you cannot get your super early to pay for a holiday or buy a car.
Read more: Early release of super, when is it legal to drawdown
SMSF discretionary powers override wills with death benefits. Death of a family member is often a difficult time, but if the deceased was a member of SMSF, complications from trustee arrangements and payment of the death benefit can make a difficult time even worse for the family members.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF discretionary powers override wills with death benefits
SMSF auditor appointments, are you still compliant? Are you the trustee of an SMSF? Then you should know all about the obligation to appoint a registered auditor to audit your SMSF every year.
Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF auditor appointments, are you still compliant?
Super guarantee payments, make sure you get them right. Paying the right amount of super to your employees can at times be a complex exercise, with the threshold changes in the recent years and the contribution base which changes every year according to indexation factors.
Business Tax, Super and Financial Planning
Read more: Super guarantee payments, make sure you get them right
Working overseas and the SMSF active member test – Part 2. This week we look at the active member test and how it may affect the complying status of your SMSF.
Personal Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: Working overseas and the SMSF active member test – Part 2
Small business super clearing house, are you signed up? The small business superannuation clearing house (SBSCH) is a convenient service that allows a small business to make superannuation contributions for its employees in one single payment.
Business Tax, Super and Financial Planning
Read more: Small business super clearing house, are you signed up?
SMSF and working overseas, for how long are you away? When you go overseas to work or travel for an extended period of time, ensuring that your SMSF stays complying is probably the last thing on your mind.
Personal Tax, Super and Financial Planning, Self-Managed Superannuation Funds
Read more: SMSF and working overseas, for how long are you away?
Age Pension assets test, have you been caught out? The stricter Age Pension assets test came into force more than a year ago, but it is probably only now that the impact of this change is being felt, especially by middle-income wage earners.
Read more: Age Pension assets test, have you been caught out?