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Promissory Note Clarification

Yesterday I contacted all our alliance partners whose pension clients had not yet met their minimum pension requirements. There weren't many and, I expect, there will be none by close of business today. Interestingly, I fielded a number of comments about my post earlier this week, on promissory notes that indicated a need for clarification - so...

June 28, 2019
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Promissory Note Precaution

There are always those who leave their super contributions to the last minute. As a contribution is not made until it is received by the fund, invariably, some don’t quite make it in time. As June 30 is a Sunday this year there are likely to be even more casualties than usual. A contribution is made by...

June 26, 2019
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Super Changes from 1 July

The 1 July 2019 changes to life insurance under the Protecting Your Superannuation Package Bill have been largely reported on, but are worth repeating, just to be sure you’ve got the message. In the SMSF context, there are numerous situations where members have rolled in most of their balance from an APRA fund, but not all, as...

June 18, 2019
David Busoli
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In-Specie Double Contribution

A reader of yesterday’s post has asked if there are any issues with making an in-specie contribution to an unallocated contributions reserve. There are no issues if the whole of the in-specie asset is to be added to the reserve but the ATO have previously disallowed the splitting of an in-specie contribution. Let’s say we have John,...

June 11, 2019
David Busoli
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Double Contribution Strategy

As this is June you may like to consider the feasibility of a double contribution using an unallocated contribution reserve. The strategy involves making an additional contribution in June that will be allocated towards the member’s contribution caps in July. (The requirement is that such contributions are allocated within 28 days of the following month, so...

June 11, 2019
David Busoli
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EOFY SMSF Checklist

End of Year SMSF Checklist 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. Remember that, if they have, the excess may count...

May 28, 2019
David Busoli
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SMSFs Post Election

Much will be written about Scomo’s “miracle” win and its implications. It’s certainly good news on the SMSF front. Apart from avoiding the legislative assault promised by Labor (“If you don’t like it don’t vote for us” said Chris Bowen) we can expect the following changes; removal of the work test requirement for those aged over...

May 20, 2019
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Spouse Contribution Splitting Strategy

A spouse contribution split can be of assistance in reducing a member’s total super balance below one of the trigger points or, adopted as an ongoing strategy, a means to achieve a measure of account equalisation between spouses. To be eligible, the receiving spouse must be under age 65 and, if over preservation age, not retired. Where...

May 2, 2019
David Busoli
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