Super - Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Mar 21

Insurance through super: is it right for you?

Mast3R

0 Comment

Super

Taking out insurance through a super fund can be a great option for some members, but it does also come with some pitfalls. Most super funds provide their members with insurance options and an option to increase, decrease or cancel default insurance cover. There are many benefits of taking out insurance through super, including the […]
Mar 21

What is an arm’s length transaction?

Mast3R

0 Comment

Super

Running a self-managed super fund requires trustees to adhere to complex laws and follow a number of onerous rules. One of the most fundamental investment rules for SMSFs is that the trustees must transact on an arm’s length basis to ensure no conflict of interest arises. An arm’s length transaction requires trustees to conduct on […]
Mar 21

Preparing for contribution cap changes

Mast3R

0 Comment

Super

From 1 July 2017, many of the 2016 Federal Budget super reforms will take place, including the reduction to both the annual concessional and non-concessional contribution caps. Concessional contributions Concessional contributions include employer contributions and salary sacrifice amounts. Personal contributions claimed as a personal super contribution deduction also count as concessional contributions. The concessional (pre-tax) […]
Mar 21

Reviewing your trust deed before 1 July

Mast3R

0 Comment

Super

With changes to Australia’s superannuation rules coming into play on 1 July 2017, self-managed super fund (SMSF) trustees would do well to review their fund’s trust deed. Despite the fact that maintaining an up-to-date trust deed is a vital aspect of managing a SMSF, many trustees fail to do so, usually due to the time […]
Jan 01

What is a superannuation contribution?

Mast3R

0 Comment

Super

Since superannuation contributions come in several forms; SMSF members would be wise to understand what contributions are available and how they might impact them in regards to the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one […]
Jan 01

SMSF alternative to borrowering

Mast3R

0 Comment

Super

A deferred purchase instalment strategy is one way SMSF’s can add a direct business property to their portfolios. Following changes announced in this year’s Federal Budget, self-managed super fund (SMSF) trustees may need to consider alternative strategies when adding a direct business property to their portfolios. A deferred purchase instalment strategy is also known as […]
Jan 01

Contribution rules for over-65s

Mast3R

0 Comment

Super

Confusion often exists surrounding the rules that apply to those wishing to make super contributions when they reach the age of 65. Here are five tips to help meet the super contribution rules for those who are 65 years of age or older. Those aged 65 or older must satisfy a work test and be […]
Jan 01

Super Contributions rules for 2016/17

Mast3R

0 Comment

Super

The government announced significant amendments to Australia’s superannuation rules in this year’s Federal Budget, but the majority of proposed changes will not apply for the 2016/2017 year. Superannuation contributions are divided into two categories; concessional (before-tax) and non-concessional (after-tax). Both types of super contributions are subject to a contributions cap. A contributions cap is a […]
Jan 01

Government passes ‘fairer’ super changes

Mast3R

0 Comment

Super

The Australian Government has recently passed what it is calling the ‘most comprehensive suite of superannuation reforms in a decade.’ The reforms include the introduction of a $1.6 million transfer balance cap, which places a limit on the amount an individual can transfer into the tax- free earnings retirement phase and the introduction of the Low […]
Jan 01

ATO releases new Taxation Determination

Mast3R

0 Comment

Super

The ATO has provided further guidance regarding limited recourse borrowing arrangements (LRBAs) and when non-arm’s length income (NALI) rules apply to a related party LRBA. The Tax Office recently released a Taxation Determination (TD 2016/16) and updated its Practical Compliance Guideline (PCG 2016/5) to provide further clarification concerning the circumstances where a self-managed super fund (SMSF) […]