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Friday, 17 September 2021
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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.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.
Critics of franking credits are missing the main point. The taxable income of shareholders/taxpayers must also include the company tax previously paid to the ATO before the dividend was distributed. It is fair.