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Published 14 Nov 2023
A comparison of statistics from APRA and Class highlight that members of self-managed superannuation funds (SMSFs) are significantly more likely to be using their superannuation to provide a retirement income. ...
Published 8 Nov 2023
With the festive season fast approaching, many will have plans to have time away, including travel overseas. With the number of overseas trips returning to pre-pandemic levels, it’s worthwhile considering the residency rules that apply to an SMSF. Whilst most overseas trips would not generally have any consequences for an...
Published 31 Oct 2023

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...

Published 17 Oct 2023

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...

Published 16 Oct 2023

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....

Published 12 Sep 2023
The changes made to the contribution acceptance rules have been in place for over a year now. The ‘work test’ for those aged 67 to 75 (up to 28 days after the end of the month of turning 75) was removed from the contribution acceptance rules in the SIS Regulations,...
Published 8 Aug 2023
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...
Published 8 Aug 2023

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...

Published 4 Jul 2023
During our winding up an SMSF workshop we were made aware of occasions where a fund auditor would not sign off on the annual financial statements as part of a wind up unless the fund had no assets on 30 June. We disagree with this requirement and note that the...
Published 16 Jun 2023
Changes were made from the 2022-23 financial year which makes it easier for a person aged 67 to 74 to make a personal superannuation contribution. Prior to the 2022-23 financial year, a person aged 67 to 74 would need to either satisfy the ‘work test’ or the ‘work test’ exemption...
Published 30 May 2023
In the lifecycle of a self-managed superannuation fund (SMSF), the time may come to wind it up. Over recent financial years, on average, around 15,000 SMSFs are wound up each financial year, representing around 2.5% of all SMSFs....
Published 9 May 2023

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...

Published 27 Apr 2023
One of the core purposes of superannuation, and some say it’s the end game, is the provision of benefits in retirement. However, in addition to retirement there are several other events that allow a person to access their superannuation and we also need to consider what ‘retirement’ actually means from...
Published 27 Apr 2023
The proposed additional 15% tax on earnings attributable to superannuation above $3m has certainly raised many questions in respect of the policy itself as well as its implementation. Whilst much discussion has been about the proposed cap of $3m and whether it’s too high, too low or should be subject...
Published 24 Apr 2023
This handy guide presents the key facts and figures that are useful for someone dealing with SMSFs. No need to look it up on the internet, our facts and figures guide has it all in one place. The guide covers tax, tax offsets, superannuation, social security and aged care....
Published 10 Apr 2023

Brought to you by Challenger Tech When a person enters aged care, they are faced with a plethora of rules – to name a few, concerns relating to social security payments, aged care fees and funding decisions, including what to do with the family home are often front of mind....