Can’t afford to get on the home ownership ladder? Many young people are choosing to rent while investing in property with their self managed super fund (SMSF), rather than struggling to get onto the home ownership property ladder. It offers an investment that usually suffers fewer...
With self managed super funds increasing in popularity, some reports indicate that there is a SMSF set up every 13 minutes in Australia. This means that accountants have an awful lot of work to do on behalf of their SMSF clients. Are you up to speed...
How many heads are on your SMSF chopping block? Almost 76 per cent of all SMSFs have individual trustees rather than a corporate trustee. That percentage appears to be increasing, with the ATO stating in the three years to 2013, there was a 1 per cent...
What happens if a member withdraws more than the 10% maximum allowed with a transition to retirement pension? 1) the income stream ceases 2) the super fund returns to accumulation phase 3) the super fund therefore loses it's exempt pension status and it's income is taxed at 15% 4) the withdrawal is basically seen...
Wooster v Morris - Mr and Mrs Morris established a SMSF with themselves as individual trustees. Mr Morris passes away and his Binding Death Benefit Nomination leaves his benefits to his 2 adult daughters. Nothing for Mrs Morris. Mrs Morris, as trustee, appoints her son as...
2013 FINALIST - Superannuation Executive of the Year 2013 FINALIST - Female Business Development Manager of the Year 2013 FINALIST - Rising Star....
Options are just investment contracts with an obligation to pay based on an underlying share price. Options are used as part of hedging strategies and that's where ATO ID 2009/110 is relevant. To put it "simply" the Subdivison 295-B of ITAA 1997, overrides other parts of the...
[caption id="attachment_5203" align="alignnone" width="300"] Involve Trustees in their investment strategy[/caption] CPA Super Update yesterday raises the question I keep asking myself - Why do accountants do all their clients SMSF administrative work? Is it for efficiency or a lack of understanding from Trustees? In a recent speech,...
Super funds that are not 100% in pension mode, must apportion expenses to the extent that the expense relates to assessable income earned and exempt income earned. Broadly speaking, expenses incurred in relation to earning assessable income are generally deductible (s8-1), if they are incurred...
From the ATO SMSF News Alert 11 September 2013: Can the intended auditor still audit your SMSF? Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF's operations before they lodge...