SMSF piggy bank

2018 Federal Budget

Posted Leave a commentPosted in SMSF Information

The definition of a SMSF will be changed to have a maximum number of members from the current 4 to 6.  This may provide opportunities for family’s or business partners to expand there SMSF’s giving greater flexibility to the structure.   Note: Cooper Grace Ward Lawyers have recently pointed out that Trust legislation in Queensland, New South […]

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Reasons to advise your clients to have a company as trustee for an SMSF

Posted Leave a commentPosted in SMSF Information

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 […]

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SMSF Advice

When is an Actuarial Certificate Required?

Posted 1 CommentPosted in SMSF Audit, SMSF Information

In an address to the Tax Institute in March 2015 Matthew Bambrick, ATO Assistant Commissioner for Superannuation, presented ‘some guidance around calculating and reporting ECPI (Exempt Current Pension Income).  The common industry practice of Segregating Assets part way through the year and not obtaining an actuarial certificate was singled out as needing to change.Andy O’Meagher, Actuary and Director of Act2 […]

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