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Clarity over classification of current and non-current liabilities
The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. AASB 101 Presentation of Financial Statements, sets...
Can an SMSF borrow money to pay superannuation benefits?
Trustees of a Self-Managed Superannuation Fund (SMSF) are prohibited from borrowing or maintaining an existing borrowing of money under subsection 67(1) of Superannuation Industry (Supervision) Act 1993 (SISA) except in very limited circumstances as listed under...
The do’s and don’ts of the Downsizer Contribution
The downsizer contribution allows individuals, who may be prevented from making superannuation contributions due to their age, work status, contributions caps or their total superannuation balance, the ability to make superannuation contributions using some of the...
Excess superannuation contributions
There is no restriction on the amount of money that can be contributed into a self managed superannuation fund (SMSF). However, superannuation contributions above certain contributions caps do not receive concessional tax treatment. The two main types of...