Author Archive for: Hurley & Co
Entries by Hurley & Co
Do You Have to Pay Capital Gains Tax When Selling a Home?
Let’s say you have been living in your only home for many years but now you want to move to a smaller place. You have built up quite a bit of equity so you are likely to receive a large profit when you sell. Will you have to pay capital gains tax on the money? Generally speaking, […]
Are the costs of establishing a self-managed super fund (SMSF) deductible?
Answer: The costs of establishing a superannuation fund would typically be classified as non-deductible capital expenditure. Clearly the SMSF trust – or any interest in the trust – does not qualify as a “depreciating asset” for the purposes of Division 40 of the Income Tax Assessment Act 1997 (ITAA 1997). A “blackhole” deduction under section […]
Private Health Insurance Rebate Thresholds
Eligibility for the private health insurance (PHI) rebate is income tested against the PHI income thresholds, which are usually adjusted annually.From 1 July 2015, the income thresholds used to calculate the PHI rebate and the Medicare levy surcharge will remain at the 2014–2015 levels for three years. That is, the income thresholds will remain at the […]
Client Alert Explanatory Memorandum (April 2016)
CURRENCY: This issue of Client Alert takes into account all developments up to and including 16 March 2016. Deadline looming for SMSF collectables compliance From 1 July 2011, self managed superannuation fund (SMSF) investments in collectables and personal-use assets have been subject to strict rules under Superannuation Industry (Supervision) Regulation (SIS Regulation) 13.18AA. The ATO has reminded […]
Client Alert (April 2016)
Deadline looming for SMSF collectables compliance The ATO has reminded trustees of self managed super funds (SMSFs) that if they have investments in collectables or personal-use assets that were acquired before 1 July 2011, time is running out to ensure their SMSFs meet the requirements of the superannuation law for these assets. Assets considered collectables […]
Why having a corporate trustee for your SMSF can save you from potential costs
Some of the key advantages of having a corporate trustee include: Continuous succession – a company has an indefinite life span. A company makes succession to control more certain on death or incapacity. Administrative efficiency – on the admission or cessation of membership, that person becomes or ceases to be a director of the company. […]
Class hits 100,000 billable SMSF portfolios
Source URL http://www.smsfadviseronline.com.au/news/13714-class-hits-100-000-billable-smsf-portfolios Written by Staff Reporter from SMSF Advisor Thursday, 03 March 2016 Cloud accounting software provider Class has announced it now holds more than 100,000 billable portfolios following a busy start to the year. As of 29 February, Class had a total of 100,025 billable portfolios on its system, an increase of 3,388 portfolios […]
The power of re-contributing
The power of re-contributing Re-contribution strategies can reduce the tax liability of an SMSF and its beneficiaries as well as allow members to qualify for Centrelink benefits. Karen Dezdjek illustrates how. A re-contribution strategy for SMSFs is easy to implement. It has the potential to deliver significant tax savings to both the member and their […]
Seven steps to better forecasting
Seven steps to better forecasting Business leaders make judgement calls every day. Philip Tetlock says there are ways to improve the chances of getting them right. Below are the seven steps to better forecasting. Break seemingly intractable problems into tractable sub-problems.Superforecasters split problems into knowable and unknowable parts. They flush ignorance into the open. “Expose […]