Whilst establishing an SMSF with individuals acting as trustees may save a few dollars in the short term, the benefits of registering a corporate trustee for any new SMSF can far outweigh the short term savings and I’ll explain why. Reason 1 – Succession upon death A company is an indefinitely continuing entity. Having a [...]
COVID-19 has resulted in the most severe global economic crisis since the Great Depression. The 2020/21 Federal Budget is an attempt to lift the Australian economy, gain fiscal strength and provide support to keep Australians in work and businesses in business. The Budget further highlights additional support in response to the health and economic effects [...]
It is fair to say that 2020 has been a challenging year for most people on some level. From the fires, the floods, share markets dropping and then Covid! Amongst all this bad news there is a unique opportunity which has presented itself for a certain demographic this year. 1 July 2020 saw the age [...]
If you’re an SMSF Trustee, there are several vital things to consider when it comes to your estate and succession planning. Your Will is important to enable assets to be distributed in accordance with your wishes when you die. A binding Death Benefit nomination will direct your super and any insurance benefits to your chosen [...]
The Morrison Government has announced some welcome relief for retirees, income support recipients, casual workers and sole traders in the face of deteriorating economic impacts of the coronavirus pandemic. Minimum pension halved Deeming rates cut further 2nd $750 economic support payment $550 pf Coronavirus Supplement $10,000 super hardship withdrawal Temporarily Reduce Minimum Superannuation Pension Drawdown [...]
The federal government’s coronavirus stimulus package is without doubt generous, but they’ve forgotten about one important segment of our community – self-funded retirees. Once a super fund member moves into pension mode, they are required by law to draw a minimum amount out of the pension account each year. This is calculated as a percentage [...]
What is NALI? Non Arm’s Length Income (NALI) is income which is received by a fund in excess of what is reasonably expected to be received in a commercial and arm’s length transaction. Likewise an expense which is normally incurred in gaining or producing certain income is not paid can result in the income received [...]
As an SMSF trustee, you need to take special care when paying death benefits as you are responsible to ensure that the payment rules are met. Strict rules apply, affecting who can receive a death benefit, the form in which the death benefit can be paid and the timing of such a payment. Firstly, death [...]
Written by Karen Dezdjek If you have an SMSF, you should speak to a Financial Adviser to see if these ten smart strategies could apply to you. 1. Consider commencement of an Account Based Pension as soon as you are eligible This aids in maximizing the amount held in pension phase from a Transfer Balance [...]
As the end of financial year 2019 is upon us, it’s time to maximise contributions, ensure you’ve satisfied minimum pension drawings and optimise your tax position prior to 30 June. Things to consider: Top Up Your Super Contributions Bring Forward Super Contributions Make a Spouse Contribution Get a Government Co-Contribution Lodge Your Deduction Notice Review [...]
