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Devising an SMSF investment strategy Posted on May 24, 2016 by editor

Super

An investment strategy is fundamental when it comes to self-managed super funds. Not only is having one a statutory requirement, but it also helps SMSF trustees know what to invest in to meet the fund’s investment goal. Above all, an SMSF investment strategy must be designed to help trustees reach their retirement goal. To do this, the strategy must outline the fund’s objectives. Every fund’s objective will be different and should reflect the circumstances of each fund member. For example, it must take into account the age and when each member plans to retire, existing assets inside and outside of […]

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Tax deductions that are often forgotten Posted on May 24, 2016 by editor

Tax

A quick scan of the average taxpayer’s wallet of receipts or documents in the home office can result in quite a few expenses they can claim as tax deductions. However, some of the most obvious get forgotten on a regular basis. While not all available tax deductions will apply for every individual (since claimable items vary based on the work they do and other personal circumstances), there are some frequently-used items professionals say people often overlook. iPhones and iPads Those who use their iPhone or iPad for work and have to pay for it may be able to claim a […]

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ATO targeting SMSF tax avoidance Posted on May 16, 2016 by editor

Tax

The Australian Tax Office has its sight set on an emerging tax avoidance tactic being taken up by a number of self-managed superannuation funds. The ATO has warned trustees not to use a strategy known as personal services income (PSI) through their SMSF to pay little or no tax. Even though only a handful of cases are currently being investigated, the Tax Office believes the strategy could become more widespread. Consultants and contractors often receive a personal services income (PSI) which is paid via a trust, partnership or company for legitimate tax advantages. PSI is common in professions such as […]

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Superannuation shake up Posted on May 12, 2016 by editor

Super

Changes announced in the 2016 Federal Budget will see the shutdown or conversion of tens of thousands of transition to retirement pensions (TTRPs) into full pensions. An estimated 550,000 TTRPs are currently in place around Australia, used mainly by taxpayers in their late 50s and early 60s who are reducing their work hours, or by low-income earners who are trying to boost their super balances before retirement. However, many are also used as a tax minimisation strategy by high income earners, as they enable workers over the age of 55 to access their super while still working. To do this, […]

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Crackdown on superannuation tax may create borrowing spike Posted on May 12, 2016 by editor

Tax

Tougher superannuation rules may create an unintended spike in risky property borrowing by those with a self-managed super fund, with experts suggesting that the changes will force SMSFs to load up on debt in an attempt to increase returns. While there are still incentives for people to wanting to own property within their SMSF, under the new rules announced in the 2016 Federal Budget, rather than being able to fund investments through their own equity, many SMSFs will be forced to take on more debt to do so. Most of the superannuation changes are due to take effect from 1 […]

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Federal Budget – superannuation flexibility Posted on May 4, 2016 by editor

Super

The Budget has made changes that reflect that the current superannuation system is at a kilter with individuals current lifestyles, with the introduction of more flexibility to address this. Concessional contributions Individuals under the age of 75 will now be able to claim tax deductions for personal superannuation contributions. From 1 July 2017, individuals can make concessional super contributions up to the concessional cap. This will benefit partially self-employed individuals and partially wage and salary earners whose employers do not offer salary sacrificing. The Budget will improve the superannuation balances of low-income spouses as the current spouse tax offset is extended […]

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Federal Budget – superannuation Posted on May 3, 2016 by editor

Super

The Budget has introduced a series of changes to superannuation tax arrangements that are intended to align superannuation with the purpose of providing income in retirement. The key elements of the superannuation changes include: Introducing a transfer balance cap There will be a $1.6 million superannuation transfer balance cap on the total amount of super that individuals can transfer into retirement phase accounts. While this limits taxpayer support for tax-free retirement phase accounts, it does not restrict the savings that can accumulate outside of superannuation. Increasing the 15 per cent tax rate on concessional contributions Those with combined incomes and […]

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Federal Budget – individuals Posted on May 3, 2016 by editor

Tax

The Government is now giving individuals a greater incentive to work without being taxed more by making a start to personal income tax relief. The changes will take place from 1 July 2016 and will prevent average full-time wage earners from moving into the second top tax bracket until 2019-2020, by increasing the 32.5 per cent tax threshold from taxable incomes of $80,000 to $87,000. This will affect around 500,000 taxpayers who will no longer face the 37 per cent marginal tax rate. The policy objective is designed to keep those earning average wages in the middle tax bracket for […]

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