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on 15 June 2014
If your SMSF has a combination of pension and accumulation assets at any point during the financial year then you will require an actuarial certificate. An actuarial certificate will give you a tax exempt percentage for your Fund. This will tell you the proportion of the Fund which was tax free.
The tax exempt percentage is the total average pension assets divided by total average Fund assets. This gives the average proportion of assets in the SMSF which were back...
on 30 May 2014
According to the ATO during the 2012/2013 financial year 35,000 SMSF’s were established taking the total number of SMSFs to over 500,000.The benefits from establishing a SMSF range from investment control, flexibility with contributions and pension withdrawals, outperformance of industry funds and administration cost savings.
Investment control includes being able to invest directly in real estate property and unlisted share investments, options that are not available to memb...
on 20 February 2014
Directors and secretaries of a company are responsible for ensuring ASIC is advised of changes to business, registered or residential addresses, changes to officeholders, name changes and shareholding changes.
If ASIC is not advised of these changes within 28 days the company could incur a fine of $72 for up to one month late or $299 for over a month late per company that the changes effect.
As an ASIC registered agent for the majority of our clients, we are able to update our...
on 19 February 2014
You don’t need a pay rise to increase your income.
Salary Packaging is an entitlement granted by the Federal Government to all workers that allows you to take part of your income as a tax-free benefit.
Salary packaging works by having a portion of your pre-tax salary deducted to pay for certain expenses. Income tax will then only apply to the amount of your salary that remains after these deductions have been applied.
Salary packaging is limited for ...
on 10 February 2014
Self managed superannuation funds must meet the sole purpose test under the Superannuation Industry (Supervision) Act 1993 (SISA).
The test is based on the principle that superannuation benefits provide for the members retirement, and any investment decision must be made for the future rather than present benefit.
Common breaches include:
Purchasing an investment that gives benefit to a member or associate before they retire
Providing financial ...