An SMSF loan costs more than you think
April 2, 2024
Loaning money from an SMSF to fund members or relatives is against the super laws and can land trustees with big fines, so it’s important to know the rules and not use SMSF savings for anything other than retirement purposes. New ATO estimates show that, in 2020 and 2021, SMSF trustees entered into more than…
The Rich Life Vol 78
February 9, 2024
As February kicks off and with the summer holidays behind us, many of us are settling back into our regular routines and it’s time to turn our focus to the year ahead. Cooling inflation and a strong economy with relatively low unemployment has sent investors back to Australian shares, with the S&P/ASX 200 hitting an…
SMSFs: What happens if you exceed your super caps
February 9, 2024
The rules around making some types of super contributions have been relaxed in recent years, so it’s worth exploring the different opportunities available to you before making a large contribution.i What are contribution caps? Given the tax-effective environment of Australia’s super system, there are annual limits on how much you can contribute each financial year….
The Rich Life Vol 70
June 1, 2023
Welcome to our June newsletter, as the winter sets in and the end of the financial year approaches, it’s a good chance to spend some time tidying up and reviewing your finances. Concerns that the Reserve Bank may lift interest rates this month, along with the drama over the US debt ceiling and the worry…
Get your SMSF shipshape for EOFY
June 1, 2023
If you have an SMSF, it’s essential to get your fund is in good shape and ready for June 30 and the annual audit. It’s particularly important this year, because the ATO is focused on fixing a number of issues when it comes to SMSFs. These include high rates of non-lodgment and problematic related party loans…
Illegal early SMSF access on ATO’s radar
April 4, 2023
Since the Albanese Government announced its intention to double the tax on investment earnings for super account balances over $3 million, there has been lots of talk about taking money out of self managed superannuation funds (SMSFs) to avoid the tax hikes. As SMSF trustees have more control of their super assets compared to those…
The Rich Life Vol 60
August 2, 2022
It’s August and as winter draws to a close there’s snow in the Alps and the wattle is blooming. Many Australians will soon receive a sizeable tax refund, if they haven’t already, which should help ease those rising cost-of-living blues. Rising inflation and interest rates were the focus of attention in July. The US Federal…
How do SMSFS Invest?
August 2, 2022
As Australia’s system of compulsory superannuation celebrated its 30th anniversary in July, this is a good time to take a closer look at one of super’s biggest success stories – the number of people deciding to take control of their retirement savings with a self-managed super fund (SMSF). There are now almost 607,000 SMSFs worth…
Get your SMSF ready for 30 June
June 1, 2022
With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations. The rules around SMSFs are strict and if you don’t do things the right way, your fund could end up paying extra tax. Here’s some key tasks trustees need to complete prior to…
Avoid the rush: Get ready for June 30
March 1, 2022
It seems like June 30 rolls around quicker every year, so why wait until the last minute to get your finances in order? With all the disruption and special support measures of the past two years, it’s possible your finances have changed. So it’s a good idea to ensure you’re on track for the upcoming…
The Rich Life Vol 53
January 25, 2022
It’s January and the start of a new year. Whether you are back at work or enjoying a summer break, we wish you all a Happy New Year and a return to normal life in 2022. The global economy and financial markets ended the year as they began, all over the place, as the world…
Your SMSF – wind it up or pass it on?
October 1, 2021
Now that new legislation allows a maximum of six members in an SMSF, some fund trustees may be wondering if this could be an easy way to ensure a smooth transfer of their super to the next generation. The simple answer is yes, but before you start adding your children and their spouses to your fund, it’s…
Weighing up the costs and benefits of an SMSF
April 30, 2021
For many people, the idea of managing and investing your own retirement savings is very appealing. But there is debate over whether running your own self-managed super fund (SMSF) is cost effective. So, what are the arguments for and against having your own fund? Taking control of your super People choose to run their own…
The Rich Life Vol 42
February 6, 2021
It’s February already, crazy how time flies. The kids are back at school and Australia is getting back to business. It’s still not business as usual, but with the vaccine rollout about to begin, there is a growing sense of optimism. There was a sense of relief on the global economic front in January as…
Is an SMSF right for you
February 4, 2021
As anyone who has joined the weekend crowd at Bunnings knows, Australians love DIY. And that same can-do spirit helps explain why 1.1 million Aussies choose to take control of their retirement savings with a self-managed superannuation fund (SMSF). As well as control, investment choice is a key reason for having an SMSF. As an…
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