Transition to retirement income streams (TRIS) from 1 July 2017

Transition to retirement income streams (TRIS) from 1 July 2017

With the introduction of the transfer balance cap (currently $1.6 million in 2017/2018), superannuation funds are only able to claim income tax exemptions on assets that are supporting income streams in the retirement phase. Since 1 July 2017, there are now two types...
How to complete member information in the 2018 SMSF annual return?

How to complete member information in the 2018 SMSF annual return?

The Australian Tax Office (ATO) has made a number of changes to the Self-managed superannuation fund annual return 2018 (NAT 71226-06.2018) to facilitate the superannuation reform changes that came into effect on 1 July 2017. Some of the main changes are highlighted...
Common mistakes while claiming GST

Common mistakes while claiming GST

A SMSF with an annual turnover of less than $75,000 is not required to register for GST, but can opt to do so. Since annual turnover for GST purposes does not include input-taxed supplies, a SMSF that invests only in shares, units in unit trusts and/or residential...