When is early release of super legal
Most people know that superannuation cannot be accessed until retirement or in exceptional circumstances. These exceptional circumstances have caused considerable confusion and allowed unscrupulous individuals to promote illegal schemes to access super early to pay for a holiday or buy a car. To clarify, exceptional circumstances that allow you to access your super early relate […]
Airbnb and home sharing: Taxing implications
Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But what you may not be aware of are the long-term […]
Beware of the SMSF death trap
It is said there are only two things certain in life, death and taxes, but what happens when they occur at the same time? Death of a loved one is not only a tumultuous time for the deceased family and friends but when the deceased is a member of a self-managed superannuation fund (SMSF) complications […]
Got tax clearance to sell your home?
In the market to sell your house? Before you call in the real estate agents and home stylists, you probably know that you’ll need to have a contract of sale handy. Did you know that you may also need to get a capital gains withholding clearance certificate from the ATO? This certificate allows ATO to […]
Budget 2018/19: Increased “Phoenix” Activity
The Coalition will further increase activity to find and punish business owners running “phoenix” operations. Basically this is where the business owner runs the business, fails to pay employee entitlements (such as super, holiday pay, long service leave, etc), then re-opens the business in a new name claiming a “fresh start”. It’s illegal. It’s dirty. […]
Budget 2018/19: Increased SMSF Mebmer Cap
The Coalition will increase the maximum number of superannuation members from 4 to 6. This will make inter generational superannuation and estate planning easier, plus combat the Labor Governments proposal of preventing SMSF’s in pension phase from accessing franking credits from dividends.