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Succession planning and the transfer balance cap

Posted on Jan 24, 2018 by admin

The superannuation transfer balance caps have been problematic for SMSF members who don’t take careful consideration when succession planning. Failure to understand the impact of these transfer balance cap changes can have on your finances may force you to transfer large amounts of money out of your super. The transfer balance cap of $1.6 million that was introduced as of 1 July 2017 limits the amount of superannuation that can be transferred into an individual’s retirement phase. The cap incorporates all accounts the individual holds balances in. SMSF members ought be weary of the scenario in which a SMSF is […]

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FBT issues that raise ATO attention

Posted on Jan 24, 2018 by admin

With the FBT year-end just around the corner, it is a good time to review your FBT compliance to avoid raising attention from the Australian Tax Office (ATO). The ATO is currently targeting the following rules for FBT: Motor vehicles Situations where an employer-provided motor vehicle is used or available for private travel for staff. This is a fringe benefit and must be declared on the FBT return (if lodgment is required). However, there are some circumstances where this is exempt; be sure to check before lodgement. Employee contributions The ATO focus on employee contributions that have been paid by […]

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Secrets to a savvy SMSF

Posted on Jan 17, 2018 by admin

Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone. If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to. Stay informedYou can’t expect your SMSF balance to be the most profitable for you in your retirement phase if you don’t remain educated on the vastly changing compliance laws. Remaining up-to-date with these changes, and how they impact upon your nest egg is an essential aspect of making your SMSF work for you, your spouse […]

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FBT parking exemptions for small businesses

Posted on Jan 17, 2018 by admin

It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax (FBT) purposes. Fortunately, if you are a small business, car parking benefits are exempt if you meet all of the following conditions: – the parking is not provided in a commercial car park – you are not a government body, a listed public company, or a subsidiary of a listed public company – either your gross total income for the last income year before the relevant fringe benefits […]

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Super funds boast high returns in 2017

Posted on Jan 11, 2018 by admin

Superannuation funds in Australia have delivered a return of 10.5 per cent for 2017 – the first double-digit growth since 2013. According to recent findings, there was a 1.3 per cent rise in November 2017 and 0.6 per cent rise in December 2017 alone. The new figures mark the sixth consecutive year of positive returns for super funds. Super fund returns overtook returns in the property market, as property returns weighed in at 9.1 per cent last year. Investors should review their super fund’s performance at the start of the new year and make sure it is delivering value for […]

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