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 […]
Is a Classic Car allowed as a SMSF Investment? I received an email the other day which asked. Are we able to purchase a classic car within our super still? Classic Cars can be purchased by a Self-managed Superannuation Fund (SMSF) provided they provided they are purchased and held in accordance with the superannuation legislation. Firstly, […]
Amongst those changes introduced in the 2016 Budget was the $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions. This new limit on superannuation will apply from 1 July 2017 and creates additional responsibilities for SMSF trustees. The main issues you need to be aware of are: All super fund […]
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 […]
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 […]
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 […]
