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Published 15 May 2024
On Tuesday 14 May, Treasurer Jim Chalmers handed down the Federal Budget. Our partners at TaxBanter have prepared a detailed summary of the Government’s 2024-25 Federal Budget....
Published 13 May 2024
Approaching retirement should be an exciting and rewarding phase of life as older Australians prepare to enjoy free time away from the pressures of work. Instead, many retirees spend the time approaching and during retirement worrying about money. What can they afford to spend, how long can they afford their...
Published 30 Apr 2024
With the end of the financial year fast approaching, it’s time for SMSF members and trustees to take stock of some of the actions that they may need to attend to before 30 June 2024. ...
Published 11 Apr 2024

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...

Published 26 Mar 2024
Superannuation is a highly tax-effective vehicle for the accumulation of retirement wealth. This paper will explore the exempt current pension income tax (ECPI) concession available to self-managed superannuation funds (SMSFs). It will include case studies for fund losses and segregation, and some tips for maximising your ECPI....
Published 8 Mar 2024
The rules calculating any main residence exemption flowing through a deceased estate are intricate, with several variables that can impact the tax outcome. This article contains a decision tree that works through these complex provisions. ...
Published 20 Dec 2023
With the preparation of 2022-23 financial accounts and SMSF annual returns in full swing, we have responded to a number of queries recently, in relation to whether an actuarial certificate will be required where an SMSF is utilising a contribution reserving strategy. ...
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...