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 […]
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 […]