For some time, there has been a raging debate about whether insurance should be kept within Super or outside it. Those sticking to the ‘inside’ opinion vouch about the tax merits and also establish quite a valid point that if held inside Super, you cannot accidentally forget making the premium payments. Here are a few key points why insurance within Super must comply with SIS regulations.
Most of us are convinced about the movement of time. However, we fool ourselves into thinking that others will age, while we won’t. How otherwise can lack of retirement planning be explained? We choose not to pay too much emphasis to it till the time age really knocks on us, and perhaps it’s too late by then. What if we could start planning for those ‘beyond-60’ days when we are in our 20’s? Could be nothing but great! Here are ways on how you can make retirement planning at an early age.
It is only natural that we change our address (business and postal) and account information from time to time. If you are managing an SMSF and the registered information pertaining to the fund has changed, you need to register the change in the SMSF details with the Australian Business Register (ABR). In ideal circumstances, this must be done within 28 days of effecting the change. Here are other things to consider when updating SMSF details with the ABR.
The egg is on the faces of SMSF critics. Anything new gets its fair share of criticism, but some prove they thoroughly deserve a day in the sun. SMSFs are just such an example. I am not saying that SMSFs do not underperform, but somewhere it can be put down to the lack of effort or know-how of the trustees. Good that there is no shortage of techniques to boost the performance of your SMSFs. Here is discussing a few:
In an article for the website Herald Sun, Jeff Kennett talks about the expanding need for financial advisers and why they will become an even more vital cog in the wheel in the future. This said, Kennett is convinced that the same advisers will have to be “specifically trained” in their jobs and be of unquestionable moral conduct.
The Australian Tax Office (ATO) has various options when dealing with contraventions made by the SMSF trustees. Of course, the associated penalties differ according to the breaches; non-compliance and in-house asset rule breaches are treated differently, for instance.