By

voodu
Recent changes to the SIS Act effective from 1 July 2012 require trustees of SMSF’s to undertake the following: 1.Consider insurance for their members as part of the fund’s investment strategy; This does not require life insurance to be included in every Fund but it does mean that the Investment strategy should show that the...
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Not since the introduction of Simple Super on 1st July 2007 have we seen such significant changes in superannuation. Our clients who were the beneficiaries of the positive tax changed ten years ago are the majority of people who will be impacted by the changes post 1 July 2017. For those who wondered “was this...
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We agree too many pensions are established with the sole priority of being able to take money from the fund (pension payments). A complete lack of documentation or pension agreement provides the SMSF trustees with no direction when the members circumstances change. As stated by Clinton Jackson in SMSF Advisor, the lack of formal documentation doesn’t...
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You may be aware of the passage of a raft of superannuation changes through the Parliament during the past week. Two superannuation Bills, which include the proposed introduction of the $1.6 million transfer balance cap and changes to concessional contributions, have now been passed by both houses of Parliament. The Treasury Laws Amendment (Fair and...
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After many months of frustration you will be pleased to know ASIC issued SMSF Works with its Licence effective 14 October. We are well aware that many accountants have made the decision to refer their clients seeking SMSF advice to people with the appropriate experience and qualifications rather than obtain their own AFSL License or...
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Two superannuation Bills, which include the proposed introduction of the $1.6 million transfer balance cap and changes to concessional contributions, have now been passed by both houses of Parliament. The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 amends five Acts including a $1.6 million cap on the amount of capital that can be...
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In July 2007 the Government introduced legislation identified as “Simple Super”. Late last week, the Government released the third tranche of exposure draft legislation in relation to the superannuation reforms initially announced in the 2016-17 Federal Budget, sadly, Simple Super may not be so simple for some in the 2016/2017 and 2017/2018 FY’s. This third...
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Recently the Government announced several changes to the superannuation proposals made in the 2016 Federal Budget. The following is a summary of the latest proposals. Opinions positive or negative, will be varied depending on individual circumstances! Good news for the majority (no more $500k lifetime cap on non-concessional contributions) It is proposed that NCC will...
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On 27th September Treasury released draft legislation to implement a number of superannuation reform measures announced in the 2016 Federal Budget. From 1 July 2017 a transfer balance cap of $1.6 million limit will be introduced, limiting the tax exempt income that can be claimed by the trustees of a SMSF to a maximum of...
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Following some industry confusion, the ATO has provided clarity on the necessary steps an SMSF trustee must undertake when they have failed to meet the minimum payment for a pension. Where a super fund has failed the minimum pension payment, the ATO says the pension has then ceased, the exemptions are lost for the entire...
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