A common question SMSF trustees ask is whether they can sell or transfer their SMSF assets to a related party, like themselves or a family member. Selling to related parties is possible While there are rules about what assets an…
While all superannuation funds have a shared goal to provide retirement benefits to their members, there are many differences between SMSFs and other superannuation funds. So if you’re thinking about setting up an SMSF, it’s worthwhile comparing SMSFs with other…
Superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. Below is a summary of what you need to know when it comes to making superannuation contributions. Adding to super The…
If you carry on a business – small or large – the question of which business structure to use always arises – and not just from when you start that business, but also during its operation when it may be…
There are many different issues to be considered, and matters to be juggled, when buying a new home (eg, financing, storage of furniture, etc – and timing, of course). But a common issue is whether you should sell your existing…
Selling a property that may have been used for mixed rental and residence purposes has a lot of capital gain tax (CGT) issues – and some of these also involve exercising good judgment as to how to best use the…
Click here for a pdf version of this article. Making contributions later in life Superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. Below is a summary of what you…
There are many adverse consequences associated with failing to lodge income tax returns or omitting income from those returns if the ATO finds out. The ATO has increasingly sophisticated technology to track such matters and catch people out – including…
A question that often gets asked is who can set up an SMSF together. The rules The answer is practically anyone can set up a SMSF together. You can have up to six people in an SMSF, and they’re often…
A key responsibility that SMSF trustees must adhere to is to keep accurate tax and superannuation records. The benefits of good record keeping As a SMSF trustee, the benefits of good record keeping will: Make it easier for you to…