The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which provides CGT relief for members who are transferring assets out of retirement phase in 2016/17 to comply with the changes. In essence, the legislation allows you to reset the cost bases of assets in […]
Work Test over 65 years still existsIn the 2016 Budget announcements the work test was going to be removed – however this was reversed several months later. Making concessional or non-concessional contributions for over 65’s is is possible, however you need to be aware of the rules.Aged between 65 and 75?The first thing to remember […]
I am commonly asked by accountants “should I set my SMSF clients up with a company as trustee or just have individuals?” It is always my preference to have a company as trustee for an SMSF over individuals for a number of reasons. The main reasons are risk minimisation, asset protection and simplifying administration. Administrative Ease […]
I was cleaning up my office at home over the Holiday period and came across some old “Money” magazines. Picking up one that had a special feature on superannuation and business owners from October 2002, I flicked through the articles and was interested to see how much things had changed and how much has stayed […]
The SMSF pension rules can be a minefield to negotiate and it is so difficult for accountants in public practice keep up with all the changes to GST, Tax, FBT, Etc. Etc. let alone pensions that you may not come across very often. I see mistakes when dealing with income streams all the time, below are […]
We have been told that now is a great time to invest in a smsf property market, why not invest in property using your SMSF? Since the GFC, people have become increasingly aware and conservative when it comes to investing. Property is seen as a safer investment in comparison to something a little more risk intensive, […]
