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The ATO, as the regulator of self-managed superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased.
Trustees should be aware that the ATO is taking an active interest
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The government is allowing the early release of superannuation and a temporary reduction in minimum pension drawdown rates to help individuals deal with the adverse economic effects of COVID-19.
Retirees watching their savings go down amid volatile markets will no doubt welcome the temporary reduction in minimum pension drawdown rates
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If you have been financially affected by COVID-19 you can access up to $10,000 of your superannuation in 2019–20 and a further $10,000 in 2020–21.
You will not need to pay tax on amounts released and the money withdrawn will not be taken into account for any income or means tests.
Eligible individuals who
Self-managed super funds (SMSFs) have a number of investment restrictions which apply to transactions conducted within the fund.
One such restriction applies to transactions involving ‘related parties’ of the fund and ‘relatives of members.’ Identifying related party transactions in an SMSF can be complex, no one
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Superannuation does not have to be time consuming or difficult.
Do the five-step super check to help sort out and grow your super.
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Managing a self-managed super fund (SMSF) in the event a trustee passes can be a difficult and complicated process.
While succession planning may not be one of the first responsibilities which comes to mind when managing a SMSF, it can ensure the funds stability for remaining members as well as providing certainty and peace of
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As the end of the financial year is fast approaching, it is an ideal time to think about ways that you could grow your superannuation.
Here are some strategies you can consider that will enable you to streamline your finances while also seeking some generous tax breaks.
Concessional contributions:
Also known as before-tax
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Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. It is the responsibility of SMSF trustees to comply with all related super and tax laws.
The ATO is looking into a number of high-risk areas
An income stream from your self-managed super fund ensures regular, flexible and tax-effective income as a pensioner. These streams can be received as a series of benefit payments from your SMSF.
Income streams from an SMSF are usually account-based, which means that the amount allocated to the pension comes directly from a member’s
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