The end of the financial year is a good time to review your SMSF arrangements to ensure everything is set up for success in the coming year. Below are a few areas you may wish to consider as part of that review. Review Pension and
The concessional tax treatment for income from Transition to Retirement income streams (TRIS) will be removed from 1 July 2017. TRIS allows members to reduce working hours and supplement this income with a regular ‘income stream’ from super savings. Employer contributions are paid to the
Budget introduces the biggest changes to super in 10 years Key points: • Tax-free super pension balances capped at $1.6 million • 30% Contribution tax Income threshold reduced to $250,000 • Other contribution changes $1.6 Mil cap on Tax Tree Pensions introduced The key group
The Electronic Lodgement System (ELS) is being retired. SBR is the new software format to be used by tax professionals to send reports and data to the ATO and other government agencies The aim is to: Increase productivity: less time on paperwork Low Cost: built into
The ATO, recently released guidance statement PCG 2016/5 which changes the terms for related party Limited Recourse Borrowing Arrangements (LRBAs). This Guideline sets out the ‘Safe Harbour’ terms on which SMSF trustees may structure their related party LRBAs for income tax compliance purposes, (ie loans
There has been talk about the government considering reducing the capital gains tax (CGT) discount for super funds. The looming federal budget being delivered on May 10 is an opportunity for the government to address any perceived inequities in the system. Prime Minister Malcolm Turnbull
Excel SMSF Minimum Pension Calculator from $55 calculate the minimum pension payment required for members over 60 input the pensioner’s nominated amount and frequency Provide a pre-populated Pension Request form, Trustee Resolution and Pension Schedule Bonus feature – our pension calculator can provide an estimate, based
The ATO recently release statistics in relation to the 2014 year. We had a look at the comparison of asset allocation percentages from 2014 to 2011. As usual there were some interesting observations: Cash & Listed Shares Funds of less than $1M increased cash holdings
SMSF Property Valuations can be confusing. This is partly because there are no hard and fast rules. The ATO has produced guidelines but these are open to some interpretation. Factors to consider include the domain expertise of the Trustee, and the expectations of the ATO
The first major tax lodgement deadline (28th February) is approaching fast. If you have a first year fund it needs to be lodged and any tax paid by that date. Below is a timeline showing the key dates The lodgement details are below: Due Date
