Smsf

Super savings could be available in an emergency

Severe financial hardship, terminal illness, specified compassionate reasons, permanent incapacity and other limited circumstances can serve as grounds for withdrawing pre-retirement or preserved super.  Strict rules do apply to accessing these funds. Overseen by the Department of Human Services, the “early release of superannuation” scheme allows super to be withdrawn in one or more of

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Artworks and collectibles may not be correctly accounted for, says ATO

To properly assess artworks and collectibles owned by taxpayers, the ATO says it is working with insurance companies to identify the owners of these sorts of assets. Artworks and collectibles may not be correctly accounted for, says ATO The ATO says it has identified instances where “lifestyle assets” are not being properly accounted for. It

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Rejected super tax reforms could be back on the table

Reforms to superannuation taxes seem to be firmly back on the negotiating table after Prime Minister Malcolm Turnbull’s mini-summit last week. Business and community group participants were reportedly in near-unanimous agreement that tax concessions were in need of review in the reform process to ensure these were “fit for purpose” in Australia’s future tax landscape.

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What type of SMSF trustee are you?

As your professional life progresses, you will undoubtedly be asked to undertake a personality inventory to apply the theory of psychological types to team environments. One of the most common of these is the Myer-Briggs Type Indicator. A similar inventory has been applied to SMSF trustees with two studies undertaken by independent research group CoreData.

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Dividend stripping in the taxman’s firing line

The Tax Office has recently warned about the practice known as “dividend stripping”, and has drawn attention to a previously issued taxpayer alert also warning against these arrangements. Of particular concern is dividend stripping involving the transfer of private company shares to a self-managed superannuation fund (SMSF). The Tax Office says the typical target audience

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