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Dividend franking turns 30 in 2017. Despite this, many are unfamiliar with the benefits franking credits can bring, especially to SMSFs. SMSF trustees who invest in Australian shares can benefit from franking credit refunds which can offset the fund’s expenses, such as tax payable or any lump sums. A franking credit, also known as an imputation credit, is the amount of tax paid by a company of the dividend to the SMSF. Franking credits are particularly beneficial for SMSFs as the tax rate for the fund is 15 per cent, while franking credits can be equal to 30 per cent […]
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Super guarantee frozen
Posted on September 8, 2014 by editor
Over the past week, the government has confirmed its decision to freeze the compulsory superannuation guarantee at 9.5% for the next seven years. It will rise to 10% in 2021 and then increase incrementally before plateauing at 12% in 2025. Previous to this, the superannuation guarantee was planned to reach 12% by the 2019/20 financial year. In light of these changes, individuals may have to reconsider their approach to superannuation if they want to maintain their current retirement plans. If it is possible for you in your current circumstances, you may want to consider salary sacrificing into your super. This […]
ATO amnesty offer reveals over 1000 offshore tax evaders
Posted on October 15, 2014 by editor
As part of their project DO IT, the ATO have successfully uncovered over $550 worth of assets that Australians hold offshore. The tax office is offering a period of amnesty that allows them to come forward and reveal offshore assets without the risk of heavy penalties. The ATO will only assess four years of income for those who come forward and this will be subject to a maximum shortfall penalty of 10%. The ATO is also guaranteeing that there will be no prosecutions. However, for taxpayers who do not reveal their offshore holdings before the mid-December deadline there may be […]
Negative gearing is a popular tax strategy that gives investment property owners the ability to offset the cost of owning a property against their assessable income. Negative gearing involves generating short to medium term tax losses, which arise from tax-deductible costs that are higher than investment income, and leveraging this to increase exposure to potential gains and losses. It is a popular strategy due to its ability to reduce an investor’s taxable income through their tax losses, resulting in a lower annual income tax bill. For example, if the rent of a property was $350 per week, and the property […]
Recent family disputes over superannuation death benefits carry an important warning to current SMSF trustees. The disputes have highlighted the need for trustees to have appropriate and binding death-benefit directions planned while members are still alive, in order to reduce the risk of a dispute arising. When there are clear death-benefit directions, surviving trustees have no choice but to comply with them. Small business owners who use a self-managed super fund can be particularly vulnerable to these types of disputes, especially those involved in a family business. This is because many small business owners hold their family business premises in […]