COVID-19 – The Government’s economic stimulus packages explained
Over the past two weeks the Government has announced two economic stimulus packages to cushion the economic impact of the Coronavirus.
FAQ: Early Access to Superannuation – Australian Government’s Economic Response to the Coronavirus
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
Business Real Property Fit-outs ~ where to draw the line
A strategy which is widely employed by self managed super funds is for the fund to acquire business real property and to then lease it back to a related party business.
Auditor insights: Market Valuations within SMSFs
To some degree there have always been scenarios where SMSF trustees have been forced to present their annual accounts using a market valuation for all assets.
FAQ: What is Safe Harbour for Self Managed Super Funds and how does it affect me?
The Safe Harbour provisions as announced by the ATO in Practical Guidance Statement 2016/5 (PCG 2016/5) concern related-party limited recourse borrowing arrangements (LRBAs).
The Rise of the Semi-Related Investment Trust
Whilst reviewing several thousand SMSFs ever year it is common for our auditing team to see trends in both investments and superannuation strategies.
FAQ: My wife and I share a SMSF with our Australian resident children. We plan to move overseas indefinitely. Can we still be members of our SMSF?
It is possible to remain a member of your SMSF, however there are certain requirements that would need to be met in order to meet the superannuation rules.
A twist to the LRBA tale
When is a borrowing not a borrowing?
According to SMSFR 2009/2 the answer is when it is merely a “financial accommodation”.
FAQ: Does it matter if I make my pension reversionary to someone else or should I leave it as non-reversionary?
The question of whether to make a pension reversionary was easy to answer a few years ago as there were substantial tax advantages to such an arrangement.
