The Costly Mistake SMSF Trustees Are Making – And How to Avoid it.

The Costly Mistake SMSF Trustees Are Making – And How to Avoid it.

It goes without saying that assets held by a Self-Managed Superannuation Fund need to be correctly valued and insured, but too many Trustees are not aware that failing to have an insurance policy over an asset held by the SMSF could cost them dearly in the case of an...
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...
Transfer Balance Account Report (TBAR)

Transfer Balance Account Report (TBAR)

From 1 July 2017, a limit came into effect on the total amount a superannuation fund member can transfer into retirement phase across all of their superannuation funds.  The limit is referred to as the ‘transfer balance cap’ (TBC) and is currently $1.6...