Nov 9, 2016
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...
Jul 27, 2016
A member who intends to claim a deduction for his/her personal superannuation contributions must give to the superannuation fund’s trustees a valid notice in the approved form before lodging their income tax return for the year in which the contribution was made or...
Jul 27, 2016
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...
Jun 22, 2016
Self-managed super funds (‘SMSFs’) are entitled to tax concessions on their investment income but only if they comply with the Superannuation Industry (Supervision) Legislation. This includes being audited each year by a registered SMSF auditor. Under the Guidance...
Jun 22, 2016
When accessing superannuation benefits, one of the key matters to verify is the preservation status of members’ benefits. Generally, member benefits are preserved, especially for those who aged under 65 years with their accounts are still in accumulation or...
May 20, 2016
A superannuation fund is prohibited from purchasing assets from a related party except under certain circumstances. However, section 66 (2B) (b) (i) provides an exemption which allows a trustee to acquire assets from a related party in the event of a divorce or...
