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 […]
The government announced significant amendments to Australia’s superannuation rules in this year’s Federal Budget, but the majority of proposed changes will not apply for the 2016/2017 year. Superannuation contributions are divided into two categories; concessional (before-tax) and non-concessional (after-tax). Both types of super contributions are subject to a contributions cap. A contributions cap is a […]
The Australian Government has recently passed what it is calling the ‘most comprehensive suite of superannuation reforms in a decade.’ The reforms include the introduction of a $1.6 million transfer balance cap, which places a limit on the amount an individual can transfer into the tax- free earnings retirement phase and the introduction of the Low […]
The ATO has provided further guidance regarding limited recourse borrowing arrangements (LRBAs) and when non-arm’s length income (NALI) rules apply to a related party LRBA. The Tax Office recently released a Taxation Determination (TD 2016/16) and updated its Practical Compliance Guideline (PCG 2016/5) to provide further clarification concerning the circumstances where a self-managed super fund (SMSF) […]
There are financial benefits to including children in a super fund, such as the increased pool of assets created over time that can allow for a greater diversification of assets. Parents may also choose to invite their children to join their super fund as it allows them to provide their children with a financial education on […]
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. A franking credit, also known as an imputation credit, is the amount […]
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