Written by: Mark Ellem Head of Education (SMSF)Accurium This article was first published in selfmanagedsuper magazine issue 45. Income protection insurance is often held outside of superannuation due to the fact that unlike life, total and permanent disability (TPD) and terminal illness insurance premiums, an individual can claim the premiums as a...
Written by: Lee-Ann Hayes Head of Education (Tax) Accurium “Can the ATO really make me keep a log of the hours I work from home?” In February this year the ATO finalised its position marking a significant change in the way taxpayers are able to substantiate their deductions for working...
First published in selfmanagedsuper magazine. As another compliance season ramps up and the focus turns to preparing financial statements, the SMSF annual return and arranging the audit for SMSFs in respect of the 2022-23 financial year, one factor for consideration is the disclosure of the income from both an accounting...
Paying out in the final year of a Market Linked Pension Considering market linked pensions (MLP) came into being from 20 September 2004 and could only be commenced from a member’s accumulation interest up until 20 September 2007, many of these pensions are coming to the end of their term....
The nature of an SMSF means that it will be common that transactions will involve related parties. This makes it important to be able to identify who is a related party of an SMSF; which SIS compliance rules reference related parties of an SMSF; and what it means when an...
On Tuesday 9 May, Treasurer Jim Chalmers handed down the Federal Budget for 2023-24. As expected, the budget priorities included cost of living relief and a stronger and more secure economy. Pleasingly, there were no unexpected changes to superannuation or SMSFs announced in the budget. Previously announced superannuation measures, such...
