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...

Claiming foreign income tax offset

The speculation over Australian economic downturn and rising unemployment has motivated trustees to invest overseas. When an SMSF pays foreign tax on foreign income, foreign tax credits can be claimed on that income according to Section 770.75 of the Income Tax...

Can your SMSF sell property assets to a related party?

Self-managed superannuation funds (SMSFs) over the past few years have become the retirement vehicle of choice due to the flexibility that trustees have over investments and effective low tax rates. SMSFs are also an effective tool for estate planning, as it allows...

Tax components of superannuation benefits

Understanding and maintaining tax components of a member superannuation account is important as it will determine the quantum of tax payable when benefits are paid out. Tax-free and taxable components The tax-free and taxable components can change over time and are...

Tax effect accounting and SMSFs

Trustees of self-managed superannuation funds (SMSFs) are required to prepare financial statements in accordance with the accounting policies as per the requirements of the SIS Act 1993 and SIS Regulations 1994. There is no requirement for a superannuation fund to...

Is your Australian superannuation fund tax compliant?

To be a complying Australian superannuation fund and receive tax concessions, your SMSF needs to be a resident regulated super fund at all times during the income year for tax purposes. Conditions to be met The residency test has three conditions and your fund must...