News

Contributions, SMSF, Strategy, Tax

A real opportunity to maximise tax deductions

SMSF Contribution reserving Double deduction strategy

The 2024 income year is offering up a good opportunity for SMSF members to enjoy a significant tax benefit from contributing to their fund.

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Administration, Contributions, SMSF

Coordination key to EOFY strategy

Communication SMSF Contribution reserving strategy Practitioners SMSF Professionals Day 2024

Efficient and effective communication and coordination between different practitioners is necessary when employing a contribution reserving strategy.

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Crypto Assets, Cryptocurrency, SMSF

New funds keen on crypto and cash

The trustees of new SMSFs have shown a preference for cryptocurrency and cash at higher rates than established funds.

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Contributions, SMSF, Tax

Post-death contribution deductibility confirmed

Personal contribution Tax deductibility ATO TR 2010/1 SMSF

Legal representatives of a deceased SMSF trustee can claim a tax deduction for contributions made by the member before their death.

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Pensions, SMSF

Deeming rates to reduce pension amounts

Centrelink income means test Aged pension SMSF Deeming rates Pension

Retirement income streams drawn from an SMSF are likely to be impacted by new deeming thresholds for the age pension, regardless of the amount drawn down each month.

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Administration, ATO, Contributions, SMSF

Contribution reserving admin clumsy

Contribution reserving Concessional contribution ATO Administration SMSF SMSF annual return

Practitioners and their SMSF clients must understand the proper administrative procedure involved with a contribution reserving strategy.

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SMSF, Tax

Div 296 payment method inconsistent

DBA Lawyers Dan Butler SMSF Division 296

Paying the Division 296 tax from an SMSF would run counter to the narrative funds should not be releasing money before members meet specific age and work-based criteria.

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Insurance, Pensions, SMSF, Tax

Insurance benefits limited by pensions

Insurance SMSF Income stream Pension

Certain retirement income streams can limit SMSFs from claiming the full range of tax benefits available on their insurance policies.

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Superannuation

Allow leverage inside super

Leverage Superannuation funds Debt

The debt leveraging that has boosted the residential property market should be allowed inside superannuation to further grow member balances.

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ATO, Compliance, Investments, SMSF

Unchanged asset values on notice

SMSF annual return Asset values Auditors ATO Contravention reports

The ATO will be paying particular attention to SMSFs that continue to report unchanged asset values and will be focusing on annual returns to be lodged later this year.

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