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2020 Budget brings forward personal tax cuts to 1 July 2020

2020 Federal Budget

2020 Budget and Personal Taxation

Personal tax cuts brought forward to 1 July 2020

In the 2020 Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (Stage 2) that were previously legislated in 2018 to commence from 1 July 2022. The Stage 3 tax changes remain unchanged and commence from 1 July 2024, as previously legislated:

6 member SMSF may improve funds cash flow and flexibility

6 member SMSF

The maximum number of allowable members for SMSFs could soon increase from 4 to 6 if a recently reintroduced Bill passes Parliament, this could result in a 6 member SMSF. The Bill was previously a part of the 2018-19 Budget measures and was aimed at providing more flexibility to many SMSFs with aging members and larger families.

Age pension, will I qualify when I reach pension age?

age pension

Age Pension, will I qualify when I reach pension age? As we start to think about retirement, one of the first questions many of us ask is “Will I qualify for the Age Pension?” To help you understand your eligibility, we outline the basic thresholds that apply under the different means tests and what types of assets and income sources are included.

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 Hunter Partners have published News articles on this site for your information

 

ASIC enforcement action on SMSF auditors over independence

ASIC enforcement action

ASIC enforcement action on SMSF auditors over independence. ASIC has released information on its enforcement action against over 100 SMSF auditors (some referred to it by the ATO for various breaches including not meeting independence requirements, not complying with auditing standards, not reporting non-compliance, and not meeting the fit and proper person requirement).

ASIC is lifting standards in the financial advisory industry

ASIC is Lifting standards

ASIC is lifting standards in the financial advisory industry. Education, training and ethical standards in the financial advice industry are about to be lifted, with the Australian Securities and Investments Commission (ASIC) releasing proposed updates to various competence requirements for financial advice licensees.

ASIC recommends SMSF reforms including trustee education

ASIC recommends SMSF reforms

ASIC recommends SMSF reforms including trustee education. As a part of hearings into ASIC’s oversight functions, the regulator presented the Parliamentary Joint Committee on Corporations and Financial Services with a range of policy solutions to be considered to remedy deficiencies identified in the SMSF space from its recent reports.

ATO data-matching, checking JobMaker and access to super

ATO data-matching

ATO data-matching, checking JobMaker and access to super. The ATO is kicking into gear in 2021 with another two data-matching programs specifically related to the JobMaker hiring credit and early access to super (COVID-19 condition).

Boost your super savings by using your super carry forward cap

Boost your super savings

Boost your super savings by using the unused carry forward concessional contributions cap? Put simply, the unused cap allows individual to carry forward any unused amounts from their concessional contributions cap starting from 1 July 2018.

Budget summary of the key announcements and changes

Federal Budget

PERSONAL TAXATION IN THE FEDERAL BUDGET

Budget 2021Personal tax rates unchanged for 2021–2022

The 2021 Australian Federal Budget did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, as previously legislated.

Business real property can be moved into your SMSF

Business real property

Business real property can be moved into your SMSF. Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the concessionally taxed SMSF environment. But when acquiring property from a related party, it’s vital the property meets the “business real property” test.

Can I access my super early? I need help with expenses

Can I access my super early

Can I access my super early? I need help with expenses. Thinking about tapping into your super early to help with mounting expenses? Mortgage repayments, medical treatments and hard-to-meet living costs are all potentially valid reasons for early access to super – but the eligibility rules are strict.

Capital gains tax and death, it’s not the end of the world

Capital gains tax and death

Capital gains tax and death, it’s not the end of the world. There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a beneficiary, capital gains tax (CGT) generally does not apply. But down the track when the beneficiary decides to sell that asset, there are many forks in the path.

Consumers to have better protection under new ASIC powers

Consumers

Consumers to have better protection under new ASIC powers. In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report, the government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system, particularly in relation to financial advice.

Downsizer superannuation contribution, will it work for you?

Downsizer superannuation contribution

Downsizer superannuation contribution, will it work for you? The government’s new opportunity for “downsizing” Australians to contribute some of the sale proceeds from their home into superannuation may appear to be a very attractive strategy for many individuals who wish to use equity in their home to boost their retirement savings.

Financial Planning tells you About Us and our Dealer Group

Financial Planning tells you about Hunter Partners and our Dealer Group

Financial Planning

About Hunter Partners and our Dealer Group

About Usgives you an understanding of the advice and services in which we are authorised by InterPrac to provide to you 

Our Dealer Group is InterPrac Financial Services Pty Ltd. We are Authorised Representatives of InterPrac Financial Services Pty Ltd.

Hunter Partners are Financial Planners with offices in the Townsville suburb of Kirwan and a serviced office in Hughenden. We can help you to achieve your Financial Planning goals by working with you to formulate a financial plan, then we can help you to implement that plan. We can help you to establish an investment portfolio inside or outside of superannuation or we can help you to select a superannuation fund that will work for you and be flexible enough to meet your needs as your circumstances change. We can help you to explore if a self-managed superannuation fund (SMSF) may be an option for you.

We set out some of the services we can offer you in 'About Us', we then go on to introduce InterPrac Financial Services Pty Ltd in 'Our Dealer Group'. InterPrac provide us with the services and support that we need to provide our services to you.

First Home Super Saver Scheme update, how does it work

First Home Super Saver Scheme

First Home Super Saver Scheme update, how does it work. We start the new year with headlines of “falling house prices”, but even if prices are set to come down and you keep a close eye on your finances, saving a deposit to buy your first home can be difficult.

Hunter Partners Dealer Group

Hunter Partners Dealer Group

Hunter Partners Dealer Group

InterPrac

Financial Planning

Hunter Partners operates its financial Planning business through Zara (NQ) Pty Ltd (Zara). InterPrac Financial Planning Pty Ltd (our Dealer Group) has appointed Zara as a Corporate Authorised Representative (ARN: 410255) and Stuart Hunter as an Associated Authorised Representative (ARN: 410276) of Zara.

InterPrac Financial Planning Pty Ltd (InterPrac) is an Australian Financial Services Licence holder. InterPrac offers a broad range of financial services that are backed by their ongoing support and expertise. Their size, skills and success enable us to offer first class personal services in financial planning, wealth creation and wealth preservation strategies, whilst at the same time ensuring that we're a progressive company in the ever evolving financial services profession.

Hunter Partners are able to provide the following financial planning services

  • Deposit Products;
  • Managed Investment Schemes including Unit Trusts, Investment Bonds, Direct Shares, Property Trusts, Growth Funds, Balanced Funds, Indexed Funds and Cash Management Accounts;
  • Share Market Investments;
  • Tax Effective Investments;
  • Mortgage Lending;
  • Superannuation, including Allocated Pensions, Rollovers, Personal Superannuation, Company Superannuation and Self Managed Superannuation Funds (SMSF);
  • Retirement Planning including aged care and estate planning;
  • Life Insurance Products, including Annuities, Term Insurance, Income Protection, Trauma and Total and Permanent Disability Insurance;
  • Margin Lending

InterPrac Financial Planning Pty Ltd is the holder of Australian Financial Services Licence No. 246638 under which InterPrac is authorised to carry on a financial services business which includes the provision of financial product advice and dealing in financial products.

Head Office:
InterPrac Financial Planning Pty Ltd
Level 8, 525 Flinders Street
Melbourne  VIC  3000

Contact Details:
Phone: 1800 700 666
Fax: (03) 9209-9770

Follow this link to read more about the InterPrac Privacy Policy

GENERAL ADVICE WARNING:
The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your InterPrac Financial Planning Authorised Representative before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given with respect of the information provided and accordingly neither InterPrac Financial Planning Pty Ltd nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

Limited recourse borrowing arrangements (LRBA) and SMSFs

Limited recourse borrowing arrangements

Limited recourse borrowing arrangements (LRBA) and SMSFs. Limited Recourse Borrowing Arrangements (LRBAs) allow an SMSF to borrow money for the purchase of a single asset (or a collection of identical assets that have the same market value) to be held in a separate trust.

LRBA changes may inadvertantly hinder SMSF gearing

LRBA changes

LRBA changes may inadvertantly hinder SMSF gearing. Limited recourse borrowing arrangements have allowed many SMSFs to successfully invest in assets they otherwise would not have been able to acquire.

Pension transfer cap will increase on 1st July 2021

Pension transfer cap

Pension transfer cap will increase on 1st July 2021 so if you’re nearing retirement and have a large amount in your transfer balance account it may be wise to delay until 1 July 2021 to take advantage of the recent pension transfer cap increase from $1.6m to $1.7 due to indexation.

Reforms for financial services industry are on the way

Reforms for financial services

Reforms for financial services are on the way to protect consumers, the next tranche of recommendations from the Financial Services and Banking Royal Commission is currently being legislated.

Review highlights failings in superannuation system

Review highlights failings in super

Review highlights failings in superannuation system. The Productivity Commission’s recent report on Australia’s superannuation system reveals some concerning weaknesses in the APRA regulated funds sector, particularly for millions of member accounts in “MySuper” default funds.

Selling shares, how much capital gains tax will you pay?

Selling shares

Selling shares, how much capital gains tax will you pay? Did you know that when you sell your shares, the size of your capital gains tax bill is affected by how long you’ve held the shares, and how you offset your capital gains and losses?

Setting up a SMSF, ensure it meets the sole purpose test

Setting up a SMSF

Setting up a SMSF, ensure it meets the sole purpose test. Setting up your own self-managed super fund (SMSF) can be a complex task even before you seek registration with the ATO. It’s important that the SMSF be set up correctly for the sole purpose of providing retirement benefits for their members.

Small business CGT concessions, when do I qualify?

Small business CGT concessions

Small business CGT concessions, when do I qualify? The small business CGT concessions are a great tool for business owners to transfer wealth into super. Here, we break down the two essential requirements you must first meet in order to access any of the concessions.

Small business super clearing house, are you signed up?

Small business super

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.

SMSF annual return lodgment due soon. Are you ready to lodge?

SMSF annual return lodgment due soon

The due date for the SMSF annual return for some self-managed super funds is fast approaching, Trustees now have less than one month to lodge the return.

SMSF discretionary powers override wills with death benefits

SMSF discretionary powers

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.

SMSF improvements proposed by Government are coming

SMSF improvements

SMSF improvements that were proposed by the Government before the disruption of the Coronavirus epidemic are are again on the drawing board. The government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions.

SMSF in-house asset exemption due to COVID-19

SMSF in-house asset exemption

To prevent SMSFs falling afoul of the in-house asset provisions when they give related party tenants a rent deferral due of financial hardship caused by COVID-19, the ATO has released a draft legislative instrument to provide a SMSF in-house asset exemption.

SMSF must have a sole purpose, does your fund comply?

SMSF

The sole purpose test is one the fundamental requirements for SMSFs to obtain tax concessions. It requires that the SMSF be maintained for the sole purpose of providing retirement benefits to its members or their dependents if a member dies before retirement.

SMSF property development arrangments on ATO radar

SMSF property development

In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the growth in SMSF property development was highlighted as a main issue.

SMSF reduces rent and breaches compliance rules

SMSF reduces rent

SMSF reduces rent, breaches compliance rules. After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this pandemic.

SMSF schemes, make sure your transfer is legitimate

SMSF

SMSF schemes, make sure your transfer is legitimate. Have you been advised to transfer your super to a self-managed super fund (SMSF)? Perhaps you have been told that you could withdraw your superannuation early, to pay off debt?

SMSF sole purpose test and fractional investments

SMSF sole purpose test

SMSF sole purpose test and fractional investments. Previously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would contravene the sole purpose test. However, a Full Federal Court decision has re-framed the sole purpose test which will provide some flexibility to trustees on certain investments.

SMSF with tax return lodgement due date of 31 October?

tax return lodgment due date

SMSF with tax return lodgement due date of 31 October have been reminded to lodge on time. According to the ATO, those funds that are more than 2 weeks overdue on any annual return lodgement will have their fund status changed to “Regulation Details Removed” on Super Fund Lookup.

SMSFs differ from other funds so understand the differences

SMSFs differ from other funds

SMSFs differ from other funds so understand the differences. Insurance and dispute resolution might not be high on your list of things to consider when starting up an SMSF, but these issues do affect SMSFs differently to public offer funds. What will you do if a dispute arises between SMSF members, and what does taking out insurance in an SMSF practically involve?

Sole purpose test is an area of concern for SMSF trustees

Sole purpose test

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.

Stimulus package for Coronavirus update released 22nd March 2020

stimulus package

Stimulus package for Coronavirus update released 22nd March. The economic impact of the COVID-19 pandemic seems to get more and more serious with every passing day. With everyone more or less practicing social distancing if not outright self-quarantining, many businesses and casual workers are struggling in the current economic environment.

Super & Financial Planning

Hunter Partners have published articles categorised as Super & Financial Planning on this site for your information

Super and bankruptcy, can creditors access my benefits?

Super and bankruptcy

Super and bankruptcy, can creditors access my benefits? Superannuation is an effective investment structure for asset protection, but a questionable contribution into super could jeopardise some of your benefits in the event of bankruptcy. How you access your benefits can also make a big difference.

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