Can you sell your SMSF assets to a related party?
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 SMSF can buy from a related party, there’s no law that says you can’t sell […]
October 2024 Newsletter
This month’s edition of our client newsletter includes an article on making contributions later in life. Changes to superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. This article provides a brief summary of what you need to know about making contributions to benefit you […]
September 2024 Newsletter
This month’s edition of our client newsletter includes an article on who is a spouse under the tax laws and why it matters. Whether you have a spouse or not can impact your individual tax assessment as your spouse’s income can impact your eligibility for certain tax rebates and offsets. Although it may sound simple […]
SMSF record keeping requirements
A key responsibility that SMSF trustees must adhere to is to keep accurate tax and superannuation records. The benefits of good record keepingAs a SMSF trustee, the benefits of good record keeping will: Even if you use a superannuation or tax professional to administer your SMSF, each trustee is responsible for good record keeping. This […]
New financial year to-do list for your SMSF
With 30 June beyond us, now is the time to plan ahead to get your SMSF sorted for the new financial year. Below are five key items to tick off this financial year. Revisit your investment strategy Your investment strategy must be reviewed at least once a year and this will be evidenced by your […]
August 2024 Newsletter
This month’s edition of our client newsletter includes an article on the importance of “tax residency”. Whether you are a tax resident of Australia or not can have significant consequences for you so if you find yourself in any such circumstances (eg, you undertake a foreign posting for a period or you decide to move […]
Tax 2024 Checklists – for Individuals, businesses and SMSFs to help you get tax-time ready
Preparing for tax time doesn’t have to be a chore, or boring! Grab a coffee, open your laptop or files, and with the help of our checklists, you’ll gather your documents in no time. Remember that in the process of organising your receipts, expenses, income, and other documentation for your tax return, you’re saving yourself […]
Super guarantee increases to 11.5%
The increase to the superannuation guarantee (SG) rate from 1 July 2024 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2024 – will employees be entitled to the higher SG rate of 11.5%? SG […]
June 2024 Newsletter
This month’s edition of our client newsletter includes an article on the importance of making your superannuation last in retirement. Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible. This is followed by an item […]