by smsf | 3 Oct 2024 | News
The devil is in the detail. A member who is eligible to make concessional contributions may claim this year’s cap ($30k in 2024/2025) plus any unused cap for the last 5 years. This essentially means that 6 years unused concessional caps, can be used in the current... by smsf | 25 Sep 2024 | News
Recently, we’ve had a couple of enquiries regarding grandparents who want to establish a superannuation balance for a grandchild in their SMSF. Depending on the age of the grandchild, the trustee – member nexus is treated differently. If the grandchild is over 18,... by smsf | 11 Sep 2024 | News
A recent PBR 1052268337540 concerning the eligibility of a member to claim personal contributions has caused some confusion. It confirms that the ATO cannot exercise a discretion to allow a tax deduction for a personal contribution if the notice of intent requirements... by smsf | 3 Sep 2024 | News
I don’t usually use this forum to brag about our team and our fantastic clients – but I’m making an exception this time. We have just been notified by the ATO that we achieved a 97.7% score for on-time 2023 SMSF account lodgements. This is an amazing achievement... by smsf | 29 Aug 2024 | News
There is still some discussion as to whether an SMSF should have individual or corporate trustees. This is primarily due to the additional setup cost for the company and its ongoing fees (which are discounted by 80% for a special purpose corporate trustee). In rare... by smsf | 21 Aug 2024 | News
Should an SMSF voluntarily register for GST? For some SMSFs it’s an easy decision. Those holding commercial property yielding at least $75k in rent must register. Those purchasing commercial property who want to recoup the embedded GST, rather than have it added to...