The Government has moved quickly on their 5 April 2013 announcements to increase the concessional contribution (CC) cap, with Treasury releasing of an exposure draft (for industry consultation) which outlines details proposed increases from 1 July 2013. The increase in the CC cap is to be phased in, with an: increase to $35,000 from 1 … Continue reading »
The growing interest of property investment within self-managed super funds has certainly extended to individuals looking to undertake some of the property improvements themselves to build retirement savings (e.g. builders). Recent discussion within the NTLG Superannuation Technical Sub-group (March 2013) looked at the issue of a related party undertaking improvements to a property at no … Continue reading »
Everybody’s appetite for risk differs. When it comes to superannuation, managing risk is typically isolated to death and disability. However, with the continued growth of superannuation, we have seen in recent years an increasing propensity for politicians to make change, ranging from contribution caps through to taxation on contributions and fund earnings. This continued uncertainty … Continue reading »
As the end of the financial year fast approaches, tax planning is an important consideration for SMSF trustees who are looking to maximise opportunities available within their self-managed super fund. Join Aaron for this one hour webinar, where he will discuss a range of tips and traps leading up to 30 June, along with some … Continue reading »
After speculation of changes to superannuation reached fever-pitch, we saw today the Treasurer, Wayne Swan and Minister Bill Shorten announce reforms to address issues of adequacy and sustainability for the long-term future of superannuation. It’s pitch was clear, fairer super for all Australians. It is important to remember, these are simply announcements to be delivered … Continue reading »
It seems not a day goes past in the news at the moment where the Labor Government’s ‘robin hood’ approach to superannuation tax reforms are discussed. Depends on which side of the fence that you sit, it is either a tax-grab from a bulging retirement bucket, or it’s providing reform to address longer-term adequacy and … Continue reading »
No it isn’t, but then again it’s not always as black and white as many of the experienced industry professionals believe. Typically, SMSF administrators use a 2 point method of determining whether an Actuarial Certificate of Income Tax Exemption is required: Were there Pension and Accumulation Accounts in the Fund during the income year? Were … Continue reading »
The growing popularity of property investment within self-managed super funds (SMSF) has certainly attracted a new breed of SMSF trustee, but has also attracted the interest of the Australian Taxation Office and ASIC as they continue to regulate this growing sector. It is important that individuals investing in property for their retirement understand the key … Continue reading »
With a growing number of SMSFs now drawing income streams, it is important to understand the obligations around calculating a fund’s tax exemption. With 88% of the total value of fund tax deductions relating to exempt current pension income (ECPI), this area has become a key focus of the Commissioner’s compliance activity each year. As … Continue reading »
Is it essential when buying property using a limited recourse borrowing arrangement (LRBA) to require only two payments, being a deposit and settlement payment to comply with the single acquirable asset definition? This was the question recently asked of the NTLG Super Technical sub-group (December 2012) regarding example 10 within SMSFR 2012/1, which refers to … Continue reading »