Emily Cooper No Comments

2021-22 Federal Budget Update

Happily, this year’s Federal Budget has some welcome changes for SMSFs!

All changes expected to commence from 1 July 2022, once they have received Royal Assent. Until this occurs they still may be subject to changes and amendments.

No more work test!

Arguably the biggest and best change! Now anyone aged 67 to 74 (inclusive) will be able to make non-concessional (including under the bring-forward rule) or salary sacrifice contributions regardless of their working status! The usual contribution limits and thresholds still apply.

Read more

Emily Cooper No Comments

How much money do you need to start an SMSF?

New research released

SMSFs are not for everyone, but where an SMSF is appropriate, the benefits can be considerable.

In the context of ongoing public debate regarding the appropriate minimum size for an SMSF, new research has been provided to provide insights into the true costs of running an SMSF. And the research shows SMSFs are cheaper to run than many people may think.

Read more

Emily Cooper No Comments

COVID-19 – Providing rental relief for the tenant in my SMSF property

With lockdown restrictions coming back into force in parts of the country many individuals and business may once again find themselves unable to earn any income in the short term – especially if they are only just recovering from previous lockdowns!

If your SMSF has a property and a tenant in financial distress, you may be able to provide your tenant with rental relief under an agreed commercial arrangement. This may even be the case when the tenant is a related party or yourself.

Read more

Emily Cooper No Comments

How Much Should Your SMSF Accounting Cost per annum?

Why is there such a huge range of SMSF accounting costs?

There’s a massive range of prices being charged in the marketplaces for the annual accounting, taxation and audit costs for Self-Managed Super Funds. The key reasons behind this disparity are:

Read more