With only a month until the end of the financial year, it is important for all trustees to consider a range of issues and opportunities to ensure that they are optimising the benefits of their SMSF. I have outlined below a list of 10 things to check and consider before 30 June: Ensure that you … Continue reading »
Yesterday saw an important step forward for the use of instalment warrant lending inside Self Managed Super Funds with the introduction of Superannuation Industry (Supervision) Amendment Bill 2010. There have been more questions than answers since Taxpayer Alert TA2008/5 was issued by the ATO (along with an extensive Q&A document). Then subsequent to that, the ATO … Continue reading »
One of the bigger challenges currently facing the SMSF industry has been fraud and illegal early release schemes where SMSFs have become an easy target for fraudulent activity. As a result of these issues, there have already been forced changes to the ATO registration process and how APRA regulated funds will allow for the roll-over of monies. … Continue reading »
Complying super funds are eligible to claim tax deductions for an amount paid as a death or Total & Permanent Disablement (TPD) benefit if the person terminated employment due to death or disability. These deductions can only be claimed if the trustee elects not to claim a tax deduction for the insurance premiums in the … Continue reading »
The requirement to be dealing at ‘arms length’ with your SMSF is an important part of superannuation law to ensure prevention of transactions that may allow fund assets to be used as a source of concessionally taxed benefits to members in pre-retirement years, or to advantage non-members. Section 109 of the Superannuation Industry (Supervision) Act (SIS … Continue reading »
Further to the recommendations of the Henry Tax Review, the government has formally announced a range of superannuation initiatives in tonight’s budget including: increasing the super guarantee (SG) rate from 9% to 12% (over the next 10 years) providing a contribution of up to $500 for workers with incomes up to $37,000 extend the super … Continue reading »
The preliminary report into Phase Three of the Super System Review (Cooper Review) has given the SMSF industry some clear guidance around its recommendations to government regarding the future operation of SMSFs. The Panel has introduced “Ten Guiding Principles for SMSFs” that should underpin the regulation of SMSFs. It is these principles that has acted … Continue reading »
With the release of the preliminary recommendations by the Cooper Review Panel on Phase Three, there has been a focus on tightening up the investment conditions and restrictions to improve the “pedigree” of the sector. It appears to be the view of the Panel that to achieve this goal, there is a need to prohibit … Continue reading »
The much-anticipated release of the report on Australia’s future tax system (Henry Tax Review) was released today. Of the 138 recommendations, the government has decided to adopt only a few in what appears to be political grandstanding in an election year. Whilst these were announced as the ‘first wave’ of changes, I wouldn’t be expecting any … Continue reading »