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Saturday, 22 January 2022
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The best way to preserve your SMSF’s favoured status is to make sure the fund’s annual return reaches the ATO on time. There are new rules this year that every SMSF trustee should know.
Some of our readers have said family trusts have little merit because of the tight limits on the amount that can be distributed to children paying low tax rates. But the use of bucket companies drives many of the structures.
Make a note of the lodgement deadlines for personal tax returns, and start collecting the information you will need. Unless your affairs are simple, professional help is usually money well spent.
It sounds arcane but it could be costly. For the first time, about 44,000 individuals will receive their first Division 293 notice early in 2019, and it will surprise many.
The ATO has issued an update on illegal early release of super, when an SMSF is worth having, reporting obligations and trustee checklists. Make sure you stay on top of the rules.
A bill that allows the ATO to merge dormant super accounts with active ones and release super members from compulsory life insurance embedded in enterprise agreements and from exit fees was tabled on 21 June 2018.
The use of separate SMSFs for accumulation and pensions stages to minimise tax obligations may attract the ire of the ATO, but there may be other, more legitimate, reasons for using this strategy.
Housing affordability is a political no-go zone although the longer term survival of negative gearing is doubtful. The ATO is keeping a close watch on agents to check whether property is selling to foreign investors.
Commissioners, Chris Jordan (ATO) and Greg Tanzer (ASIC), gave an update on compliance and regulatory issues for SMSFs at the SMSF Association National Conference in Adelaide today.
When your accountant, financial adviser or golfing partner recommend an SMSF, check this list to consider all that's involved, even if you think you have the time to manage it.
Each year, SMSFs are required to have their financial accounts audited. In most cases everything ticks along nicely but what happens when a red flag pops up? Early rectification is always best to avoid the ATO's wrath.
Delving into how ATO statisticians compile SMSF data on allocations to global equities shows the information has been misinterpreted. SMSFs are still underweight global, but not as much as analysts claim.
Most people entering retirement do not see a financial adviser, mainly due to cost. It's a major problem because there are small mistakes a retiree can make which are expensive and avoidable if a few tips were known.
Eligibility for the Commonwealth Seniors Health Card has no asset test and a relatively high income test. It's worth checking eligibility and the benefits of qualifying to save on the cost of medications.
The focus is on Magellan for its investment performance and departure of the CEO, but Douglass says the pandemic, inflation, rising rates and Middle East tensions have not played out. Vindication is always long term.
This is our annual checklist of what retirees need to be aware of in 2022. It is a long list of 25 items and not everything will apply to your situation. Run your eye over the benefits and entitlements.
The Warren Buffett/Charlie Munger partnership is the stuff of legends, but even Charlie admits it is coming to an end ("I'm nearly dead"). He is one of the few people in investing prepared to say what he thinks.
Depending on personal circumstances, it may be time to rethink the bias to paying down housing debt over wealth accumulation in super. Do the sums and ask these four questions to plan for your future.