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Acquiring shares under an employee share scheme (ESS) via your self managed superannuation fund (SMSF) may appear attractive but greater uncertainty has arisen following the ATO’s recent ruling, LCR 2021/2, on the application of the non-arm’s length income (NALI) rules to such a transaction.
No one can say for certain what the markets will do. What we do know however is that investors fare best when they focus on the factors they can control.
Two recent AAT decisions shed important light on what constitutes business real property: Allzams Trust and Commissioner of Taxation  AATA 2767 and Allen and Commissioner of Taxation  AATA 2768.
Individuals can now recontribute amounts they withdrew under the COVID-19 early release of super program.
While society continues to grapple with the factors driving gender and pay inequity, women are proactively turning to investing more than ever before. And in doing so, they are demonstrating a very competent and sensible approach to building up their wealth outside of superannuation.
Victoria endures its sixth lockdown as the state's cases grow; NSW records 1,281 new local COVID-19 cases and three deaths. Lockdowns to be eased once 70% of the population is double vaccinated against COVID-19 yet today some 60% of Australians are in lockdown.
SMSFs will be able to add a fifth or sixth member to the fund using the Australian Business Registry from mid-August.
The growing prominence of SMSFs has made them a ripe target for scammers.
With the recent bring-forward measures passed along with further extension proposed in the federal budget, its combination with potential downsizer rule changes creates a different perspective for the SMSF strategy when it comes to implementation.
Working from home because of COVID-19 means most will have more deductions than in a normal year. These checklists will help your tax agent ensure you don't miss any deductions. Simply print, complete and return.
Here's a check list of what you will need to include in your 2020-21 income tax return.
Senator Jane Hume has assured that the superannuation measures announced in the federal budget aren’t aimed to force retirees to draw down on savings but instead create greater control in an increasingly complex super environment.
The ATO’s newly released March 2021 quarterly statistical report has revealed the total number of SMSFs will soon hit 600,000, with consistent growth seen across establishments and assets as the industry heads into a post-COVID economic recovery.
The Federal Government announced in the May Budget that it is widening the scope of the scheme allowing eligible Australians to sell their home and put extra money into their superannuation. Here's what you need to know.
Often watching a short video is a quicker way to understand what can otherwise be quite confusing. The following titles have just been added to our website and can be accessed at any time and by anyone.
The SMSF Association has confirmed the ATO position around non-arm’s length capital gains issues and its effect on segregated current pension assets.
While the ATO has provided its guidance on COVID-19 LRBA relief on Division 7A, advisers will need to be aware of the practical elements that will affect the SMSF’s position around the administrative relief.
Dealing with SMSF property overseas is a different undertaking compared to domestic property, with a different set of issues that affects the compliance approach, according to a technical specialist.
These calculators, along with videos that explain accounting ideas, latest news articles, an easy to use file transfer system, and a portfolio management portal make our website a great place to keep up-to-date and obtain help on many of your financial questions. *
The transfer balance cap is a limit on how much super can be transferred into pension accounts earning tax-free income. On 1 July, this cap will be increased. What might this mean for your retirement income stream?
The ATO has updated its guidance on navigating COVID-19 LRBA relief complexities in consideration of Division 7A rules and the processes in the application of NALI.
Sophisticated fraudsters are targeting Australian investors with investment 'phishing' scams. Find out what to watch out for so you can avoid being caught up in one.
What exactly are non-fungible tokens and why are they taking the internet by storm? Here’s a closer look at NFTs and how they work.
As Australian businesses implement work from home arrangements as part of their business contingency plans, managers need to consider how to accommodate telecommuting arrangements without sacrificing productivity and team dynamics, says one recruitment firm.
The knock-on effects the COVID-19 pandemic has had on the superannuation system present an ideal opportunity for young women to begin to better engage with the sector, according to ATO assistant commissioner Sonia Corsini.
The ATO has maintained its good-faith approach to the accounting of cryptocurrencies, though it isn’t expected to last much longer, says a national tax and accounting network.
With the recent indexation of the general transfer balance cap causing discussion around its complexities, technical experts take a deeper look into what will happen on 1 July.
Diversification, spreading your money across a range of different assets rather than putting it all into one place, is one of the core principles of investment risk management. That's because investment returns from different assets are never consistent.
Director identification numbers may be introduced sooner than expected for SMSFs with corporate trustees, with the government moving quickly with the rollout of systems and processes, according to a technical expert.
Downsizer contributions were the top query received by the BT technical services team in the December quarter, with many retirees looking to downsize for lifestyle and health reasons.
With thousands of Australian expats still hoping to return home following COVID-19, a mid-tier firm has highlighted some important tax implications and considerations, including the foreign pension transfers.
Approaching retirement still remains the top reason for seeking advice from a financial planner, with healthcare costs, outliving their savings and aged care costs some of the biggest concerns, according to a recent research paper.
The students of 2020 are graduating to the adult world in one of the most uncertain times in recent history amid recession, pandemic and global political tensions. In times like these, knowing the basics of how to get started down the road to prosperity is more important than ever.
Recently released draft exposure legislation will require trustees of super funds, including SMSFs, to exercise their powers in the best financial interests of beneficiaries and require APRA-regulated funds to support their expenditures with evidence.
With the end of the year drawing closer, the ATO has outlined some of the cut-off dates and deadlines applying for members wanting to apply for the early release of their super.
While the government has announced plans to increase governance over the performance of super funds, super members will still need to actively monitor the performance of their fund to avoid being stapled to an underperforming one, says a mid-tier firm.
Recent research has revealed that more than half of retirees are projected to fall short of their desired retirement income level by more than 10 per cent, says Russell Investments.
The response by our Governments to the COVID-19 crisis has been a very good one. Following is a comprehensive listing of links to important Federal and State initiatives and programs since the pandemic began.
SMSF investors will increasingly be attracted to investments offering capital preservation post-COVID, with volatile markets and lower dividends compromising their ability to meet investment objectives, according to an asset manager.
Vanguard surveyed more than 850 millennials in the U.S. currently aged 24 to 39, who make at least US$50,000 per year, as part of a broader study on how people across different generations feel about retirement, investing, and financial advice during market volatility.
The 80 cents per hour work-from-home deduction method has now been extended for a further three months to the end of the year.
With the work test changes for over-65s opening up opportunities for recontribution strategies, clients may be able to even up balances and adopt tax strategies for estate planning, particularly once the bring-forward measure is passed, says a technical expert.
With the ending of a number of the original COVID-19 relief and stimulus initiatives, August and the beginning of September has seen the release of new plans to move into the post-September period. Links to these updates and changes are listed below.
The rules around Superannuation contribution change almost every year, so it is important that taxpayers know what these changes mean to them.
SMSFs with outstanding compliance issues should consider making a voluntary disclosure while the ATO still has a more flexible approach in place and before they implement tougher admin penalties, says a law firm.
Last week, Vanguard and Investment Trends launched the 2020 SMSF Investor Report. This year's report surveyed over 3000 SMSF trustees on their investment priorities and industry outlook, providing an insight into how trustees navigated through COVID-19 volatility.
The ATO has expressed concern that some trustees with diminished pension account values may be putting themselves at risk of exceeding their transfer balance cap by commuting their pension and then topping it back up.
It’s a natural question about global policymakers' multitrillion-dollar efforts to prop up economies and markets against the monumental threat of the COVID-19 pandemic. And the question has understandably taken a back seat to confronting immediate health and welfare challenges.
SMSF clients planning to provide rent reductions to tenants should review the lease agreement to ensure the provision of rent relief won’t result in a breach of the lease, says an industry lawyer.
Over time we have supplied our clients with a growing collection of tools and resources to help in areas such as COVID-19 relief updates, articles on tax changes and updates, articles to help understand economic changes, calculators for all financial needs, and videos to help you and your family learn more about financial matters. We hope you enjoy these 'extras' and if you have any question then simply ask.
As markets continue to be wax and wane due to ongoing coronavirus fears and subdued employment and economic recovery numbers, it seems timely to remind ourselves of the types of behavioural and emotional biases that could lead to potentially risky investment behaviour, and how you can avoid them.
The government’s introduction of the Retirement Income Covenant scheduled to start on 1 July has been deferred to allow continued consultation and legislative drafting to take place following the coronavirus crisis.
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