SMSF

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30/06/2017

Threat to overseas holidaymakers – SMSF’s risk 49% tax

For an SMSF to be a complying SMSF, it must satisfy the 3 residency tests. One of those tests is that central management and control of the SMSF remains in Australia. The ATO allows SMSF members to leave the country for up to 2 years. But if a member leaves […]
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

Business owners, doctors, farmers and professionals face constant exposure to lawsuits and insolvency. Professional Indemnity insurance is restrictive. 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 commercial property is also a common target […]
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

Julio and Wendy, have two children. Julio (55) is in partnership with his good friend Peter (32). Julio and Peter run WestParts. It makes great machine parts. Peter does all the sales. Julio is the technical boffin. They make a formidable force. After 7 years of hard work, and frugal […]
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, […]
02/12/2015

Accountants’ Exemption – who advises on your Super fund now?

(The link to the original Accountants' Exemption paper is here) Self-Managed Super Funds are big business - and still so after the Accountants' Exemption The number of SMSFs continues to increase. According to the ATO there were just over 528,000 SMSFs. There is $529 billion in assets. It is a big market. […]