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 »
Once upon a time, there was an accountant who was keen to grow his practice and build on his SMSF expertise. He did his research and decided that some form of ASIC licensing would be a good idea. He wasn’t wanting a change in career, but he did want to expand his service offering. He did his … 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 »
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 »
When is an actuarial certificate required for a self-managed super fund? This is one of the most searched topics on my blog. With 88% of all tax deductions claimed within SMSFs relating to exempt current pension income (ECPI), the Australian Taxation Office is casting a very close eye over the growing number of tax deductions … 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 »
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 »
Forgetting to take the minimum pension is one of the cardinal sins when it comes to operating your self managed super fund. This issue was highlighted within draft tax ruling, TR 2011/D3 where the Commissioner states that failure to meet the minimum will mean the fund is not entitled to tax exemption on the income … Continue reading »