superannuation

Illegal early release from SMSFs on ATO’s high-risk watch list

In a speech given earlier this year, the ATO’s Assistant Commissioner for Superannuation, Dana Fleming, focused on the risk areas that the ATO had identified as being of most concern — and as being most in need of action. Each year the ATO analyses its data to identify the key risk areas that then form

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Keen to maintain your family wealth? Structure spells success

Late in 2018, the comparison website finder.com.au conducted a survey of thousands of Australians and found that about 52% (equivalent to about 10 million citizens if extrapolated to the entire population) did not have a valid will. The risk of dying intestate is of course that one’s assets are likely to be distributed by your

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Time to wind up your SMSF?

There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). The reasons for winding up are many and varied, but could include: there are no members left – they may have passed away or rolled benefits into other funds there are no assets left –

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SG amnesty is not law, but its promise has gathered $100 million so far

  Tax & Super Australia reported recently that the failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem — namely, that employers who came forward after the announcement of the amnesty, via a media release in May 2018, on the expectation of enjoying the amnesty’s benefits, found themselves facing

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Estate planning & blended family essentials and insights

  Tax-effective planning to minimise disputes between competing beneficiaries depends on knowing all the applicable tips, traps and practicalities. Estate and succession planning involving blended families has its own particular challenges.  An individual often wishes for their second spouse to be looked after, but wants to ensure the children from the first relationship are not

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SG amnesty: Are reports of ATO leniency off the mark?

  The failure of the Superannuation Guarantee Amnesty to pass into law has led to a problem. To recap, the Superannuation Guarantee Amnesty was to be available for the 12-month period from 24 May 2018 to 23 May 2019. To get the benefits of the amnesty (set out below) employers must during this 12-month period

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SG on leave loading? Yes, and no — so it pays to check

  An issue has surfaced in recent times that in some cases may require a change in the approach taken by some employers with regard to them being fully compliant with superannuation guarantee obligations. The problem for some may not be so much ducking the rules, but rather being in sore need of clarification on

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Insurance cover through your SMSF can be tax deductible

  Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF. The same concession applies for any

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