Blog
Impact of events after the reporting period
The Australian Accounting Standards Board made Accounting Standard AASB 110 Events after the Reporting Period to outline the treatment for events that occur after reporting period. These events can be described as those events, favourable or unfavourable, that occur...
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Can a SMSF loan money to a SMSF member’s cousin or their former spouse?
In order for a SMSF to enter into an investment with any parties without contravening the Superannuation Law, it is imperative that the SMSF trustee determines whether the investment transaction is entered into with a related party of the SMSF. This is because the law...
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Can your SMSF become a host and rent residential property on websites such as Airbnb?
There is nothing under the Superannuation law that prevents an SMSF from providing host services such as Airbnb. However, an SMSF trustee needs to watch out for some pitfalls when using a property owned by an SMSF as an Airbnb. 1. Investment strategy The trustee...
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How do different types of death benefit income streams impact your transfer balance cap?
From 1 July 2017, any amounts transferred into retirement phase will be measured against a transfer balance cap, which is currently $1.6 million for 2017/2018 financial year. This means any death benefit income stream a member is entitled to, will give rise to a...
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