The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: The most notable omission from this list is companies. They are not eligible for the […]
Discounting your capital gain Read More »
For individuals who have retired and met a condition of release, or who have turned 65 and are stillworking, you can receive your superannuation as a super income stream, as a lump sum, or a combination of both. This third option is quite popular for those who have yet to pay out their house, for
Super withdrawal options Read More »
Impact of Rising Interest Rates on SMSF Trustees with LRBAs SMSF trustees with limited recourse borrowing arrangements (LRBAs) are now feeling the impact of 10 interest rate rises since May 2022 in one hit, from July 2023. SMSF trustees relying on the ATO’s safe harbour terms to ensure that an LRBA remains, at all times,
SMSFs & Higher Interest Rates Read More »
Reporting arrangement for SMSF From 1 July 2023, trustees and directors of SMSFs must report certain events that affect their member’s transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR) no later than 28 days after the end of the quarter in which they occur. The purpose
New Reporting Arrangements For SMSFs From 1 July 2023 Read More »
SMSF population statistics Since the SMSF member limits recently increased from four to six, larger families may be considering having one large superannuation fund for all family members. Interestingly, recent ATO statistics tell us that the SMSF population comprises of 24% single-member funds and 69% two-member funds and the balance are three-member funds (3%) and
Six Member SMSFs – What You Should Know Read More »
COVID-19 relief for SMSF trustees extended to 2021-2022 SMSF trustees that are financially impacted due to COVID-19 because of extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021-22 financial year. The relief was originally offered by the ATO to SMSFs for the 2019-20 and 2020-21 financial years where
ATO Extends COVID-19 Relief Measures For SMSFs Read More »