The ATO has published a fact sheet to explain the impact on contribution caps if compensation amounts are received from financial service providers due to inappropriate advice or fees for no service. Here’s a summary. If the super fund engaged the service provider. This will not be a contribution. If the member personally engaged the provider. ...
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...
It’s a big claim but it’s true. Our second generation Investment Strategy Tool has just been released. It still features the useful features of the previous version which caters for: pensions, life insurance, LRBAs, large lumpy assets reserves (includes a reserves investment strategy as legislation requires) collectables (includes a storage statement as legislation requires) derivatives (includes a derivative...
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....
Occasionally we come across Fund’s with large carried forward income losses. These are generally due to a failed investment or a future service benefit deduction. Some of these, particularly in the latter case, can easily be more than a $million. Losses can be applied against the Funds taxable income including investment income, not attributable to tax exempt...
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,...