You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once and keep forever. The following provides some useful further information. As a director of my SMSF’s corporate trustee do I need a [...]
It’s that time of year, when the receipts are collected, and we combine all out financial information to obtain that total number – of course we’re talking about tax time. But unlike David Rose from Schitt’s Creek, most of us are aware that purchasing products you like does not equal a write-off – so how [...]
Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all SMSF members, young and old, to grow their retirement savings. What are the changes? Originally announced in the 2021 Federal Budget, the following changes apply from [...]
New research released New research released by the University of Adelaide provides tangible evidence of the benefits of investment diversification. In its report, titled “Understanding self-managed super fund performance” and using data from over 318,000 SMSFs between 1 July 2017 and 30 June 2019, the University of Adelaide explored the relationship between the investment performance [...]
Josh Frydenberg announced the 2021 Federal Budget last night, which focused on the unemployed, housing, mental health and aged care. In total the budget committed $9.46 billion over 5 years. The following is a summary of the budget announcements most relevant to growing businesses: Business tax concessions The Budget extends by one year two business [...]
Parliament are currently deliberating over the six-member bill for SMSFs which is expected to come into effect next financial year. The announcement of a six-member fund surprised many in the industry given over 90% of SMSFs currently have only one or two members. However, a six-member fund provides people with more flexibility in an SMSF [...]
We’ve noticed many SMSF trustees are making the decision to invest in Precious Metals. We’re going to explain how to do it in a compliant manner. The first item to ensure is that the asset is acquired in the name of the super fund, not in your personal name. A copy of the tax invoice [...]
How to buy cryptocurrencies in your SMSF and satisfy your annual audit You can buy cryptocurrency in your SMSF, however, there are many things to keep in mind. If an SMSF transacts in cryptocurrencies, SMSF trustees and members need to be aware of the tax consequences; in each case, these will depend on the nature [...]
Whilst establishing an SMSF with individuals acting as trustees may save a few dollars in the short term, the benefits of registering a corporate trustee for any new SMSF can far outweigh the short term savings and I’ll explain why. Reason 1 – Succession upon death A company is an indefinitely continuing entity. Having a [...]
COVID-19 has resulted in the most severe global economic crisis since the Great Depression. The 2020/21 Federal Budget is an attempt to lift the Australian economy, gain fiscal strength and provide support to keep Australians in work and businesses in business. The Budget further highlights additional support in response to the health and economic effects [...]
