Super - Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Mar 21

Insurance through super: is it right for you?

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Super

Taking out insurance through a super fund can be a great option for some members, but it does also come with some pitfalls. Most super funds provide their members with insurance options and an option to increase, decrease or cancel default insurance cover. There are many benefits of taking out insurance through super, including the […]
Mar 21

What is an arm’s length transaction?

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Super

Running a self-managed super fund requires trustees to adhere to complex laws and follow a number of onerous rules. One of the most fundamental investment rules for SMSFs is that the trustees must transact on an arm’s length basis to ensure no conflict of interest arises. An arm’s length transaction requires trustees to conduct on […]
Mar 21

Preparing for contribution cap changes

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Super

From 1 July 2017, many of the 2016 Federal Budget super reforms will take place, including the reduction to both the annual concessional and non-concessional contribution caps. Concessional contributions Concessional contributions include employer contributions and salary sacrifice amounts. Personal contributions claimed as a personal super contribution deduction also count as concessional contributions. The concessional (pre-tax) […]
Mar 21

Reviewing your trust deed before 1 July

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Super

With changes to Australia’s superannuation rules coming into play on 1 July 2017, self-managed super fund (SMSF) trustees would do well to review their fund’s trust deed. Despite the fact that maintaining an up-to-date trust deed is a vital aspect of managing a SMSF, many trustees fail to do so, usually due to the time […]
Jan 01

Incentives for greater super flexibility

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Super

The Budget has introduced a series of incentives to provide Australians with more choice and access to superannuation to help enjoy retirement. The Government has recognised the current system offers limited flexibility for modern work patterns such as those who work part-time, take time out of work or have ‘lumpy’ income in which they make no […]
Jan 01

LRBA deadline extended

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Super

The ATO has extended its 30 June 2016 deadline to 31 January 2017 for SMSF trustees to review limited recourse borrowing arrangements (LRBA) for non-arm’s length income. The Tax Office issued the Practical Compliance Guide 2016/5 in April to provide guidance for SMSF trustees to ensure LRBA arrangements are on terms that are consistent with an […]
Jan 01

Splitting super with your spouse

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Super

Since change is an inevitable part of Australia’s superannuation system, taxpayers should always be aware of and on the lookout for super strategies that they can take advantage of. One such strategy, which is not only straightforward but also highly-effective, is splitting superannuation with your spouse. Splitting super with your spouse involves one partner (usually […]
Jan 01

What is a superannuation contribution?

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Super

Since superannuation contributions come in several forms; SMSF members would be wise to understand what contributions are available and how they might impact them in regards to the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one […]
Jan 01

SMSF alternative to borrowering

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Super

A deferred purchase instalment strategy is one way SMSF’s can add a direct business property to their portfolios. Following changes announced in this year’s Federal Budget, self-managed super fund (SMSF) trustees may need to consider alternative strategies when adding a direct business property to their portfolios. A deferred purchase instalment strategy is also known as […]
Jan 01

Contribution rules for over-65s

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Super

Confusion often exists surrounding the rules that apply to those wishing to make super contributions when they reach the age of 65. Here are five tips to help meet the super contribution rules for those who are 65 years of age or older. Those aged 65 or older must satisfy a work test and be […]