How to Use Your Tax to Plan for The Future
Young and middle-aged Australians might not often think about what their financial situation might be like once they reach old age. However, it is important to plan for your future and put away money overtime so that one day you can eventually retire. It can be difficult to plan for your future, especially if you […]
Tips for Boosting Your Superannuation and Retirement Savings
For many Australians there is a huge gap between how much money they think they need to save in comparison to much they really need to save in order to safely retire. Australia’s average life expectancy in 82 and a half years of age. If someone was hoping to retire at age 65 it would […]
Accounting Advice for Recently Appointed Barristers
Congratulations on your recent appointment, if you have recently been appointed as a barrister, from a business structure perspective you will be operating as a sole trader. You will therefore need to apply to obtain an ABN (Australian Business Number). During your time spent in previous roles of employment you have been operating as a […]
Superannuation Home Downsizer Opportunities
The Downsizer Measure, which started on 1 July 2018, allows older Australians choosing to sell their home and downsize, or move from homes that no longer meet their needs, to contribute up to $300,000 of proceeds from the sale into super. The term downsizer is misleading as it indicates that you must downsize your principal […]
Do The Assets In A Self-Managed Superannuation Fund Vest In The Trustee?
With the continued rise of Self-Managed Superannuation Funds (“SMSF”) bankruptcy trustees are frequently considering the effect bankruptcy has on the fund and if they have any interest in the fund. A bankrupt needs to be aware that they cannot sit back and do nothing in order to protect their SMSF. SMSF and Bankruptcy SMSF’s are […]
Valuations in your SMSF
The days of a lax approach to valuations are over. While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended. Where one is not used then appropriate documentation needs to be kept of how valuations were determined. Back of the envelope or simply made-up valuations will not suffice.
Work test over 65
Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”.
Basics of Downsizing Contributions
The Federal Government recently announced that, as of 1 July 2018, downsizers aged 65 years or older may opt to contribute proceeds from the sale of their home (up to a total of $300,000 each) toward their super fund(s). Referred to as a downsizer contribution, it is treated as being non-concessional; existing in addition to […]
Increase in SMSF member numbers
In late April 2018, then federal minister for revenue and financial services Kelly O’Dwyer issued an announcement [1]declaring an expansion of the limit on the maximum number of members that are able to comprise a self-managed superannuation fund (SMSF). The raise – from four to six – was implemented by the then Turnbull Government so as to […]
Early Release of Super
From 1 July 2018, responsibility for the administration of the early release of superannuation benefits on compassionate grounds will be transferred from the Department of Human Services (DHS) to the ATO. Superannuation benefits can be released on compassionate grounds to meet expenses related to medical treatment, medical transport, modifications necessary for the family home or […]