Self Managed Super & Retirement
Superannuation Tax Offsets (What You Need To Know)
Two superannuation tax offsets Tax offsets directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own they can’t get you a refund. There are two superannuation-related tax offsets for which you may be eligible. The Australian super income stream tax […]
Read MoreInvestment Strategy | SMSF Trustee Duty Not To Be Forgotten
Preparing an investment strategy The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a big responsibility to make sure your fund grows and provides for your retirement. Preparing an […]
Read MoreSole Purpose Test On SMSF [Overview]
SMSF must meet the ‘sole purpose test’ to avoid penalties When commencing any self-managed superannuation fund (SMSF), there is one over-riding expectation that newly trustees should come back to again and again — that their fund must meet the sole-purpose test. This is not only to maintain access to the various tax concessions available, but […]
Read MoreDiverting Personal Services Income To Self-Managed Super Funds
Arrangements on personal services income diverted to SMSFs The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services to their fund, which results in minimising or even avoiding tax altogether on that income. The ATO says […]
Read MoreBitcoin As A Potential SMSF Investment
Bitcoin as a possible investment Is Bitcoin a suitable investment for your SMSF? The dramatic rise in value (and then fall) of bitcoin and other cryptocurrencies has sparked interest among SMSF trustees on its potential as an investment medium, particularly in a marketplace of low-interest rates, erratic share markets and an easing in property values. While […]
Read MoreThe Proportioning Rule And Your SMSF
What is the ‘Proportioning Rule” for a Self Managed Super Fund? When calculating a super benefit, you must identify the various components that make up the benefit and determine the value of each. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same […]
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