Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the tax benefits available to SMSFs. The rental income and capital gains are concessionally taxed, or even tax exempt to the extent the property supports retirement phase pensions. So, if you run a business and…

You’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible. Members aged under 60 years will pay tax on their withdrawals, but if you’re over 60 you generally will not pay any tax. But there are always exceptions. The “tax free” component of your benefits is not taxed…

When setting up a new SMSF, one of the decisions you’ll need to make is whether you want to pay to establish a new company to act as a corporate trustee. The alternative option is appointing the members as individual trustees, which is initially cheaper, but may have downsides in the long run. A key…

When you pass away, your superannuation benefits do not automatically form part of your estate. Instead, they’re paid out by your superannuation fund’s trustee who has the discretion to decide who will receive your benefits and in what form. So, what can you do to ensure your super is paid out in accordance with your…

Did you know that if you’re aged between 60 and 64, you can access your super if you change jobs – without retiring permanently? The rules about when you can access your super on “retirement” grounds vary depending on your age. Find out exactly what’s required for your age group. Under preservation age: Before you reach…

Although the Coalition did not announce any major reforms to superannuation in this year’s federal Budget, it did pledge to help Australians aged over 60 save for retirement by extending the age limits for a number of existing contributions measures. A returned Coalition government would give retirees an extra two years to make contributions without…

SMSFs can be a great investment vehicle for those prepared to get the compliance side of things right. The ATO takes SMSF regulation seriously and has now revealed the top three contraventions it sees among SMSFs. This is a helpful insight into the areas that are frequently tripping up SMSF trustees. The ATO says it…

Recent changes to the law mean many more Australians can now claim deductions for their personal superannuation contributions. But while the eligibility requirements have been lowered, the process for claiming deductions is not straightforward. Do you know what steps to take and what to look out for? Provided you are eligible, superannuation contributions you make…

Did you know that SMSFs may soon be able to have up to six members? The government’s proposal to increase the current maximum of four members will increase flexibility by allowing more members to pool their superannuation savings within one fund and may offer considerable investment, cashflow and tax advantages. However, the plan also throws…

Certain superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest indexation factors published by the Bureau of Statistics. While the concessional and non-concessional contribution caps are unchanged, the capital gains tax (CGT) cap amount and the employment termination payment (ETP) cap will both increase. This is welcome news…

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