SMSF

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11/09/2018

Pitfalls to Property Development in an SMSF and how to address them

Pitfalls to Property Development in an SMSF and how to address them You may be shocked to know there is no ban on property development in a self-managed super fund. In fact, engaging in property development through an SMSF can be a highly beneficial strategy. However, compliance with the superannuation […]
30/06/2017

SMSF member overseas or of unsound mind? 47% tax penalty. POA to the rescue?

POAs and SMSFs Your SMSF must satisfy the 3 residency tests. One of those tests is that ‘central management and control’ of the SMSF remains in Australia. 1. Leave Australia: The ATO allows SMSF members to leave the country for up to 2 years. But if a member leaves Australia […]
28/01/2017

In-house asset rule – but you can lend money to a cousin

Your Super Fund can’t lend money to a ‘related party’: Superannuation Industry Supervision Act 1993 (SIS Act). This is the in-house asset rule. The ATO does not want you or a ‘related party’ to gain a benefit from your SMSF. The wealth in your SMSF is for your retirement only. […]
26/08/2016

Can you offer ‘free’ SMSF setup? ASIC attacks SMSF promotor

&nbsp ASIC attacks SMSF promotor, but is it fair? Good old ASIC has successfully applied a penalty on a business seeking to set up your SMSF for ‘free’ – but then charging you $1,100 per year. The ASIC $10,800 slap on the arm is because the advertising of ‘free’ potentially misleads […]
18/04/2016

Five simple Asset Protection strategies

Asset protection Business owners, doctors, farmers and professionals face constant exposure to lawsuits and insolvency. Professional Indemnity insurance companies often wiggle out of not paying. You bet the house on a successful outcome with every client who comes in the door. Like professionals with insurance, anyone who owns rental or […]
18/04/2016

The most tax effective Business Structures

Business Structures: Family Trusts Trusts for Business Be careful in which “vehicle” you buy or build a business or asset. You can run your business as a sole trader, partnership or through a company via a Family Trust or Unit Trust or a combination of the above. You may buy […]
18/04/2016

Business Succession Planning Manual

Business Succession Planning The importance of Business Succession Planning: there are approximately 2 million small businesses in Australia. Many such businesses operate with more than one owner who together may manage the small business. An owner may die or suffer from a disability and be unable to continue to work in the business. […]
27/03/2016

Making the ATO happy – 4 issues to consider for SMSF Investment Strategies

Legal Consolidated prepares pro-forma SMSF Investment Strategies that seek to comply with the ATO’s current perception of best practice. To keep the ATO happy: Keep the Investment Strategy simple and flexible – the ATO is more likely to find non-compliance in complex Investment Strategies. Include the words ‘consideration of diversification, […]