Accessing your superannuation
Australians are required to meet a condition of release under superannuation law before they are allowed to cash preserved benefits, restricted non-preserved benefits or access any of their super. Some conditions of release restrict the form of the benefit or the amount of benefit that can be paid. These are known as ‘cashing restrictions’. The […]
Increased focus on SMSF compliance
By Westcourt Blogger The Australian Tax Office (ATO) is taking a more serious approach to SMSF non-compliance over the coming year. The Tax Office has found that more than an acceptable number of SMSF trustees are lacking transparency and are operating of the system, i.e. not lodging SMSF annual tax returns and/or not undergoing an […]
SMSF investment in a private company or business
Self-managed super funds (SMSFs) are allowed to invest a private company or business provided the business is operated for the sole purpose of providing retirement benefits for fund members and it is allowed under the trust deed. SMSF trustees must take into account the sole purpose test when determining whether purchasing a private company or […]
Overview of revised super contribution proposals
The Government has announced some changes to the superannuation proposals originally announced in the May 2016 Federal Budget. While these are just proposals, and therefore not law, it is likely that they will be introduced into Parliament as a Bill. The Coalition’s proposal is to reduce the existing annual non-concessional (after-tax) contributions cap from $180,000 […]
Strategies to fix the superannuation imbalance
By Westcourt Blogger Those living in households where one spouse has a much lower super balance may want to start considering their options as to how to even up the superannuation imbalance. In Australia, many couples and families have at least one member with limited finances due to taking time off work to raise a […]
The importance of diversification in an SMSF
Self-managed super funds (SMSFs) that are not well diversified are quite risky investments since they aren’t as protected as they could be against shocks and volatility in the market. Diversification aims to maximise an individual’s return by investing in different asset classes that react differently to the same event. Although it does not guarantee avoiding […]
Getting started with an SMSF
Starting a self-managed super fund (SMSF) may be a good idea for those after more control over investment choices and fund running costs. However, those considering an SMSF need to ask themselves some key questions such as: if they can do a better job investing their super than the trustees of their existing super fund […]