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Making smart investment choices in your SMSF Posted on Oct 24, 2014 by editor

Super

One of the most exciting things about self-managing your superannuation is the ability to make your own investment choices. In SMSFs, there are also a lot more investment options available, and it can be tempting to get a little creative with your portfolio. However, unless you are extremely confident and familiar with the investment, or have received trusted professional advice, it is advisable to be wary of unorthodox investment options. Especially if someone is making a hard sales pitch, because good investments sell themselves! This week the ATO released a warning about telemarketers trying to convince SMSF trustees to invest […]

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Australia’s superannuation system ranked world’s second best Posted on Oct 15, 2014 by editor

Super

The Mercer Global Pension Index, a comprehensive annual report that rates the quality of international retirement schemes, has placed Australia’s superannuation system as the world’s second best. Denmark was ranked number one, with the Netherlands, Finland and Switzerland rounding out the top five. Australia, Canada, Chile and Singapore were the only non-European states to make the top ten. Representatives from groups representing the interests of Australian retirees have expressed surprise at the finding, pointing out that the full pension rate currently sits close to the poverty line. Australia’s position improved thanks to the recent superannuation guarantee increase from 9.25%-9.5%. Industry […]

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ATO amnesty offer reveals over 1000 offshore tax evaders Posted on Oct 15, 2014 by editor

Tax

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 […]

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