Since 2016, when the full implementation of the restrictive rules surrounding SMSF investments in collectables commenced, there has been a marked reduction in the number of funds holding this class of investment. We are now seeing some increased exposure as trustees look for alternative investment options, but I suspect that many are not also considering the...
SMSF investments in unlisted shares or units in a “private” unit trust are generally permissible subject to the deed, investment strategy and acquisition source but should also be considered in light of tax and audit requirements. Such entities often have a tax lodgement date that is later than the SMSF’s. This is particularly problematic when the SMSF...
Hopefully your clients have not left their contributions and pension payments to the last minute but, if they have, SMSFs do have a unique way of helping. A contribution can be made by supplying the fund trustees with a promissory note, or cheque, dated no later than 30th June and cashed in the first week of July....
The government has just passed some interesting super legislation. 6 Members The bill to allow up to 6 members in an SMSF has now been passed, notwithstanding the Labor party’s disgraceful argument that this would only encourage “shonky” advisers. I expect that Royal Assent will be gained before June 30th meaning that it will be effective from 1 July...
This check list includes matters that aren’t exclusively End of Financial Year but might be also addressed at this time for the sake of convenience. Some items constitute financial advice so require licensing. Check that concessional contributions have not breached the $25,000 limit. If they have, the excess may count against the non-concessional limit and could,...
The government has announced that the 50% reduction in pension minimums, adopted for the 2020/2021, year is to be extended for the 2021/2022 year. Users of our Toolbox will be able to access a reasonable estimate of each member's 2022 minimum pension amount from 1 July 2021. This estimate will become actual when the relevant 2021 fund...
The budget’s overseas residency changes present significant planning opportunities for temporarily overseas SMSF members from 1 July 2022. SMSFs must pass three residency tests. Failure to pass any one of these results in the fund becoming non-compliant and subject to 45% tax, essentially on its balance. The ATO has no discretion in the matter once residency has...
What a budget! Seldom has there been a budget which provides the opportunity for superannuation planning as this one. Too bad we will have to wait until the 2022-2023 year for the exciting stuff but at least we know it’s coming. The work test, that arcane requirement for an individual to work for 40 hours in 30...