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 [...]
It is fair to say that 2020 has been a challenging year for most people on some level. From the fires, the floods, share markets dropping and then Covid! Amongst all this bad news there is a unique opportunity which has presented itself for a certain demographic this year. 1 July 2020 saw the age [...]
If you’re an SMSF Trustee, there are several vital things to consider when it comes to your estate and succession planning. Your Will is important to enable assets to be distributed in accordance with your wishes when you die. A binding Death Benefit nomination will direct your super and any insurance benefits to your chosen [...]
The Morrison Government has announced some welcome relief for retirees, income support recipients, casual workers and sole traders in the face of deteriorating economic impacts of the coronavirus pandemic. Minimum pension halved Deeming rates cut further 2nd $750 economic support payment $550 pf Coronavirus Supplement $10,000 super hardship withdrawal Temporarily Reduce Minimum Superannuation Pension Drawdown [...]
The federal government’s coronavirus stimulus package is without doubt generous, but they’ve forgotten about one important segment of our community – self-funded retirees. Once a super fund member moves into pension mode, they are required by law to draw a minimum amount out of the pension account each year. This is calculated as a percentage [...]
What is NALI? Non Arm’s Length Income (NALI) is income which is received by a fund in excess of what is reasonably expected to be received in a commercial and arm’s length transaction. Likewise an expense which is normally incurred in gaining or producing certain income is not paid can result in the income received [...]
As an SMSF trustee, you need to take special care when paying death benefits as you are responsible to ensure that the payment rules are met. Strict rules apply, affecting who can receive a death benefit, the form in which the death benefit can be paid and the timing of such a payment. Firstly, death [...]
