Law firms working in the SMSF industry have cited key compliance issues, failing which can levy strict penalties on SMSF members. 1 July and beyond are not going to be as easy days to wade through as have been the days before 30 June. Learn more about the compliance guidelines change that will be implemented after 1 July.
Category: Feature Archives
Baby Boomers Have No Enough Savings for Stress-free Retirement
Young people are not saving enough to retire free of stress. What’s worse is that they cannot figure this fact out. Retirees have a forlorn look when they talk to the Gen Y, simply because they know their voice is reaching the younger guys out there, but their thoughts are not.
Setting Up a Self-Managed Super Fund
The merits of a self-managed superannuation fund (SMSF) are redoubtable. Not for nothing has it earned a name for itself. The kind of control it can offer you over your investments and the range of assets it allows you to invest in is laudable. This said, there are minuses, too.
For instance, there is no point getting yourself an SMSF until you have something like $200,000 in the kitty. Add to it the running costs of the fund — nothing short of $1,000 to $1,500 annually. Leaving aside the debate over merits and demerits, let us discuss the protocols of setting up a self-managed super fund.
Ensure Your Super Contributions Reach Your Fund Before 30 June
Owners of small businesses contribute to their employees’ super fund to gain tax rebates. The strategy works pretty fine during the end of a given financial year. However, if not applied diligently, the strategy may not solve its intended purpose.
Investors Not Claiming All of Their Depreciation Deductions
Statistics compiled by the Australian Taxation Office (ATO) confirm that investors are missing out on claiming a couple of very significant depreciation deductions. I am talking about the capital works deduction and the plants and equipment deduction here.
Check your Super Contributions before the end of the financial year
With June 30 drawing close, trustees of SMSFs must look forward towards optimising tax benefits emanating from SMSF. At the same time, they must also ensure that their fund is compliant with superannuation regulations.
