Many trustees of super funds invest in assets which have limited liquidity – classic example being in property. Where a Limited Recourse Borrowing Arrangement (LRBA) is utilised for a SMSF to borrow to buy a property, the death of a member can place significant strain on the liquidity of the fund. Where such a fund…
Announced and legislated prior to 30 June 2017, members had to wait an additional 24 months to effectively see the commencement of implementation of “catch up” contributions. The measure is available to individuals with total superannuation balances (TSB) of less than $500,000, who can increase their concessional contributions cap in the financial year by applying…
Deciding Which Pension to Commute When There Are Multiple Pensions and the Total Super Balance Is Over $1.6 Million Many of our clients will have commenced multiple pensions within their self-managed superannuation funds. This may have been done to quarantine tax-free components, or simply to commence pensions after contributions had been made. Where a member…
For SMSF members who are over 65 years of age and no longer working, there are very few options available for them to contribute to superannuation. Members of this age are no longer able to use the bring forward provisions (subject to the circumstances below), and they must satisfy a work test in order to…
Recently, Michelle was involved in the CA Catalyst podcast program – talking with David Boyar, Founder and MD at Sequel CFO who has been interviewing all manner of people with a view to providing accountants with information and inspiration about how to approach their work, businesses and clients using innovation, technology and leadership. “I…
After a couple of quiet years in superannuation legislative reform, 2020 is shaping up to be a pivotal year: Federal Government’s Retirement Income Review The Federal Government’s Retirement Income Review will get underway, which promises to determine the facts about Australia’s retirement system, which will consider the sustainability and purpose of the aged pension and…
The ATO has recently announced increased consequences for SMSFs who are late in lodging their annual returns (tax returns). Effective 1 October, an SMSF more than two weeks overdue have had their regulation details removed from Super Fund Lookup. Why is this a big deal? Super Fund Lookup is the mechanism that allows SuperStream to…
With the ATO looking to “redistribute” some of the funds from “lost super” that have been accumulating over the past decades, this provides an opportunity for accountants and tax agents to get pro-active with their clients. Have you seen the new pages in the ATO Portal (the new portal) – that has the information about…
Recent legislative changes will now mean that an LRBA established since 1 July 2018, will count towards a members total superannuation balance under certain circumstances. Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 received royal assent in October, and now requires SMSF’s to report the outstanding balance on an LRBA (established after 1…
Protect the most important thing to your practice: Client relationships Nobody likes being the target of an audit/review – but we’ll be ready for you and your clients if and when it happens. We all know tax audits/reviews have the potential to damage great working relationships. You either get beaten up because your clients demand reduced…
TAG Financial is proud to partner with BGL Corporate Solutions for their biggest event of the year – BGL REGTECH 2019! Now in its 3rd year, BGL REGTECH has made its mark on the accounting and financial services industry with its balance of technical, motivational and entertaining content. Register now for this free event Event agenda…
Recently, Brenda was involved in the SMSF Adviser webcast alongside a panel of experts; Aaron Dunn from Smarter SMSF, Anthony Fernandez from BGL and moderated by Momentum Media’s Katarina Taurian. Click here to watch the webcast and gain valuable information surrounding the changes in Self Managed Super Funds and what it means for you and…