smsfs

SMSF commutation requests: How to get the green light from the ATO

  The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. The practical compliance guideline concerned is PCG 2017/5. With recently introduced superannuation rules now in effect (from 1 July

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ATO is scanning for personal services income diverted to SMSFs

  The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services (that is, PSI) to their fund, which results in minimising or even avoiding tax altogether on that income. The ATO says these arrangements typically display

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What the Royal Commission has uncovered on superannuation

  The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (to give it it’s full name, but we can just call it the Commission) has provided a steady diet of horror stories and shone a not-too-pleasant light into the murky world of corporate financial advice. While no sector came out unscathed,

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How much do we need to put aside for retirement?

  How much do you need to retire? When it comes to superannuation and retirement savings, it seems that size really does matter. There are other considerations of course, but for the most part the focus will be on finances when people aim to “improve” their post-work life prospects. The question of how much retirement

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