Breaking down the complexity surrounding SMSF and delivering a service that enhances tax effective retirement planning
A new Australian Taxation Office Campaign As part of their latest campaign, the Australian Taxation Office (ATO) is contacting Self Managed Super Fund (SMSF) Trustees directly where 90% or more of their SMSF’s investments belong to the same asset class (Eg. property).
If you read the business pages of the newspaper, you may have seen the term ‘inter generational wealth transfer’ starting to appear more frequently. That’s because an estimated $3 trillion of wealth is predicted to change hands over the next two decades, from households of Australians age 55+ to younger generations.[i] This represents a massive shake-up
We have been made aware of a new scam that appears to be targeting SMSF Trustees. In this instance, a caller purporting to be from the ATO made contact with an SMSF Trustee advising them that they had been underpaid by the ATO and were owed an additional $180.00.
SMSF Post-Election Update With the Federal Election called in favour of the Liberal Party, SMSF Trustees are likely to be spared from some of the more significant changes that were proposed by the Opposition Leader in the May Budget. The proposed change that perhaps gained the most media attention, and the one that we received
Hot Election Topic explained – Franking Credits Proposal What is the proposal? The House of Representatives Standing Committee on economics has announced an inquiry in the implications of removing refundable franking credits. The inquiry is going to report on the use of franking credits and who franking credits support and who would be impacted if
Australian Taxation Office Text Messages Over the last week we have been contacted by some concerned clients who have received ATO text messages. The ATO recently advised they will contact taxpayers via text message for overdue form lodgements or overdue payments of GST or Income Tax. However, the ATO will never ask you to respond via
Over the years we have witnessed first-hand what can happen when a client’s Estate Plan hasn’t been structured correctly. We think it’s important to preserve the Family Wealth and pass assets onto future generations, below are 5 key points to think about and act on.
Two things first up: (1) If you want to (or have to) work past the age of 55, you need to read this article; or (2) If you know someone else who that applies to, please forward them this article or a link to it. They’ll thank you for it.
In order to claim superannuation contributions as a tax deduction your payment to super has to be made and cleared within the superannuation fund by 30th June 2018.
Have you been doing the numbers and panicking a little recently? If your super fund is a little ‘light’ as you start to think ahead to your golden years, you’re not alone.
Our chances of living longer are increasing as life expectancy continue to increase. At age 65 a person’s chance of needing aged care during their remaining lifetime is 68% for females and 48% for males. Old age can be associated with declining cognitive abilities, resulting in problems when managing personal finances.
On Tuesday 9 May, the Federal Government handed down its Budget for the 2017–18 financial year. According to Federal Treasurer Scott Morrison, this year’s Budget is founded on the principles of fairness, security and opportunity. Mr Morrison claims that the government’s proposed measures will raise almost $21 billion in revenue over the next four years,
You may have heard in the past couple of days, the senate has passed the key Bill (announced at the last federal budget) which will affect the popularly discussed Super Reforms. Expand each of the key measures below to see the breakdown?
For many years now Australians have been allowed to place non-Concessional Contributions into superannuation with minimal restrictions. This all changed on the 3rd May 2016, when the Government announced changes to the level of annual concessional contributions and changes to the life-time limit on non- concessional levels. The extra tax, applicable when you breach these
The federal election has now come and gone and we await the passing of the legislation announced in the May 2016 budget. If this legislation is passed, our clients will be in a better position to plan moving forward. However, July each year offers us a reminder to attend to a number of housekeeping issues
Last week the Federal Budget put forward a number of significant changes to superannuation which are designed in some shape or form to generate additional revenue for the Federal Government.
Retiring to the South of France, or that favourite beach hideaway is a dream many professionals share. Given the constant pressure of maintaining the standards that society places of all those who call themselves “Professionals”, it is often that picture of retirement that is the light at the end of the tunnel. The dream of
At this time of year many individual taxpayers are looking around for what they can claim as a tax deduction, often Superannuation comes to mind. However a SMSF is a taxpayer in its own right, so what can be claimed as a tax deduction?
Increasing discussion around raising the pension age, changes to age pension eligibility and higher taxes makes it more important than ever for people to plan ahead for a financially secure retirement. Finding extra cash for savings at the end of the month can be a tall order but if you follow the adage that you
The principle behind the ‘Sole Purpose Test’ is to ensure that all decisions you make for your SMSF should be made for the sole purpose of providing retirement/death benefits for yourself. A key word here is “retirement”.
Superannuation rules limit who can receive death benefits. Therefore it is important to understand who can be a superannuation dependent as well as a tax dependent. The rules apply to accumulate savings/account balance as well as insurance inside superannuation. Death benefits from superannuation (including insurance payments) can only be paid to: A dependent as defined