In the Federal budget handed down in May 2016, the government heralded significant changes to superannuation that will come into effect from 1 July 2017.
Although the government is still to finalise the exact details, it is a good idea to plan ahead, and to be aware of the major changes that will apply from next year.
Let’s face it, thinking and talking about death and what happens there after can be a pretty morbid affair…but what if you don’t?
The Australian Tax Office (ATO) has given small businesses some breathing space by extending the deadline for compliance with the new SuperSteam to October 28 this year.
SuperStream is a new initiative introduced by the Australian Taxation Office (ATO) designed to standardise processing of superannuation data and payments electronically, allowing the process of employers paying superannuation entitlements to employees more streamlined.
So…you are thinking about getting into the property investment market, but you haven’t quite worked out what the strategy is. Everyone else is doing it so maybe I should. There are a lot of people that spruik rental property purchases but they focus heavily on the tax benefits. Is that a good reason to buy or is there something else? What does negative gearing mean and why has there been so much talk in the media about it.
Given recent ups and downs in the share market, Self Managed Super Funds (SMSF's) have become a hot topic once again. SMSFs allow you to control your Super input and investments more than an Industry Super Fund would. However, it's important to know a little bit more about them before you decide to take the leap.
Your SMSF’s trust deed is its rulebook. If the deed does not allow or recognise something then the trustees can’t do it. Despite this, a lot of trustees are unaware of what their trust deed says – it was just something that was required when the fund was established. The problem with any document is that unless you amend it, it is only current for the circumstances that existed at that time. However, the law changes regularly and so do individual circumstances.
This month, we shortcut the review process and highlight the key SMSF trust deed problem areas.
One of the most common questions from clients with a Self Managed Superannuation Fund (SMSF) is, can I buy property? Followed by the second question, can I buy property in the United States?
SMSFs provide investment flexibility for those that understand the rules. They can also be a significant liability if you get it wrong.