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By Adele WardleyThe budget announced last night has proposed many changes to the way superannuation funds are currently taxed. These changes will impact the strategies on how to accumulate superannuation as well as those who are currently paying pensions. It will be critical to review your circumstances before making further contributions and plan to ensure your superannuation is structured to best deal with the changes occurring on 1 July 2017.  The below is a summary of the key proposed me... More...
New penalty regime for SMSF breaches From 1 July 2014 the Australian Taxation Office will have new powers to impose sanctions and penalties on self managed superannuation fund (SMSF) trustees.The new rules have come about as the current regime provides little effective recourse for the Australian Taxation Office when a self managed superannuation fund breaches the SIS Act. Under the existing regime the only actions available to the Australian Taxation Office are to make the fund non-complyin... More...
Written by Adele WardleyThe Federal Labor party today announced that they plan to make changes to the superannuation taxation system. These changes are only announcements - they are not yet law, in fact the legislation has not been provided to Parliament which may make it difficult to pass prior to the election being called. Should the Labor party not be re-elected the announcements may come to nothing.In any case, the announced reforms will:Cap the tax exemption for earnings on superannuati... More...
Written by Adele Wardley. New rules are proposed to apply from 1 July 2013 for self managed superannuation fund trustees transacting with related parties. Whilst not yet law, these reforms have significant consequences for trustees and we recommend you familiarise yourself with the proposed changes. From 1 July 2013 disposal of self managed superannuation fund assets will be covered by the related party rules for the first time. Until now, there were no restrictions on disposing fund assets... More...
Written by Adele Wardley. 1. Ensure any pensions are paid in full before year end. Failure to do so will result in the fund losing their substantial deduction for exempt pension income. See my detailed article here.2. Review the fund’s capital gains tax (CGT) liability, and consider whether there are any capital losses which should be realised to reduce capital gains. Remember that the sale of assets must be genuine, and any capital loss on assets sold and immediately re-purchased will not b... More...
Written by Adele Wardley. If your self managed superannuation fund pays a pension you may be at risk of a significant tax penalty if you make a mistake - even an honest administrative error. In a draft ruling released by the Australian Taxation Office (TR 2011/D3), the Commissioner states that where the minimum pension amount is not paid within the financial year the pension will be taken to have ceased and the deduction allowed for exempt pension income will be denied.Unfortunately for SMSF... More...
Written by Adele Wardley. I’m excited to share that you can now obtain an instant quote for SMSF administration services from the website. Our objective pricing system is directly related to the number and type of investments and membership categories in the fund so you pay based on your fund activities not on an accountants “gut feel’ or “capacity to pay”.Of course as usual our plans include telephone calls for non-strategic advice, are fixed fee and paid monthly so there are no surprises a... More...