Wen Wen, Author at W Wen & Co | Chartered Accountants & Business Advisors

Why You Need To Know Your Total Superannuation Balance

What is total superannuation balance? Simply stated, your total superannuation balance is the sum of the balances of your superannuation interests. However, this is not necessarily the case. When is your total superannuation balance relevant? The total superannuation balance is relevant in determining your eligibility for: making non-concessional contributions according to the non-concessional contributions cap […]

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ATO’s GST Refund Discretion Under Review

Inspector-General to review the ATO’s GST refund discretion As part of its 2017 work program, the office of the Inspector-General of Taxation (IGT) has announced that it is going to examine the ATO’s administration of an existing provision that allows it to hold on to GST refunds if it believes additional verification is required. The

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Superannuation Transfer Balance Cap

Transfer balance cap for pension phase accounts Starting 1 July 2017, there is a limit on how much of your super you can transfer from your accumulation super account to a tax-free “retirement phase” account to receive an account-based pension income. This is known as the super “transfer balance cap”. If you have more than

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Does Your SMSF Meet The In-House Asset Rules?

Why you want to avoid in-house asset complications … Many SMSF trustees are unsure of what to do when their fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing. Recent ATO statistics on the SMSF sector show the proportion of reported breaches

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Will Salary Sacrifice Help You?

What is salary sacrifice? Salary sacrifice (or salary packaging) is where you agree to take part of your wage as a benefit of some kind, equal in value to the salary it is exchanged for. Salary sacrifice can be an excellent way to get a part of your remuneration in a form other than cash

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Family Trusts | Pros, Cons And Processes

What is a Family Trust and why I might need one? Trusts are an important and very useful concept for managing your financial affairs, as well as for estate planning. The purpose of the family trust is for you to progressively transfer your assets to the trusts, so that legally you own no assets yourself,

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