The ability to borrow to acquire property within a SMSF using a Limited Recourse Borrowing Arrangement (“LRBA”) is experiencing exponential growth. This property acquisition strategy has been embraced not just simply by “Mum & Dad” SMSFs but is becoming increasingly popular with business “partners”. The prospect of acquiring property from which to operate a business, … Continue reading »
There were many people waiting with bated breath for this year’s Federal Budget to see if the Labor Government had any further ‘superannuation tricks’ up their sleeve to address what seemed an ever-growing budget deficit. After announcing a range of reforms on 5 April 2013 to appease much of the constant rumours of an attack … Continue reading »
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 »
There are a range issues for accountants to consider as they look to move into licensing to advise their SMSF clients. Whilst some may retain a ‘status quo’ until the removal of the removal of the accountant’s exemption from 1 July 2016, many are doing the training and education now, along with the necessary planning … 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 »
It was with much relief in the Mid-Year Economic and Fiscal Outlook (MYEFO) that the Labor Government responded to industry concerns raised about when a pension ceases at the death of a member. This announcement (currently as draft regulations) provided tax certainty for deceased estates, effectively continuing a fund’s tax exemption after the death of … Continue reading »
Aaron talks to Andrew Daddo about his presentation, “The role of social media with SMSFs” at the 2013 SPAA National Conference in Melbourne (recorded 14 February 2013). In this discussion, Aaron talks about the growing impact social media is having on the SMSF profession and how it can be used to build stronger client relationships … Continue reading »
In a follow-up to my last blog post about “falling short with pension payments”, I’ve had a range of questions being asked about the ATO’s view when a trustee may not meet the pension standards and when the Commissioner may use his powers of general administration (GPA) to allow for a pension to continue, along … Continue reading »
In the lead up to Christmas, Treasury released an exposure draft of regulations to amend the existing related party acquisition rules for SMSFs – a direct result of a Cooper Review recommendation. The review found a lack of transparency on transfers (such as with listed shares) and recommended that any acquisition or disposal of assets … Continue reading »
The release of draft regulations regarding the replacement of the accountant’s exemption has provided much-needed guidance to assist practitioners to prepare for the new licensing regime to impact SMSF advice from 1 July 2013. Continue reading »