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30/06/2017

Threat to overseas holidaymakers – SMSF’s risk 49% tax

For an SMSF to be a complying SMSF, it must satisfy the 3 residency tests. One of those tests is that central management and control of the SMSF remains in Australia. The ATO allow SMSF members to leave the country for up to 2 years. But if a member leaves […]
29/06/2017

Life estates for your family home are silly

  Life estates are silly and old fashioned. You should instead leave everything as a percentage. If you want to benefit one particular person then increase their percentage. Therefore, your Residuary Beneficiaries will work out what they want to do with your estate. Life estates are just a prison sentence. […]
30/05/2017

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method

Transitional rules to reset the cost base of assets that support pensions and TRIS in SMSFs using the proportionate method Introduction Under the reforms to superannuation that come into effect from 1 July 2017 anyone that has an amount exceeding $1.6 million of superannuation in pension phase will need to […]
19/05/2017

Stamp Duty when Transfer property from Unit Trust to SMSF?

Stamp Duty when Transfer property from Unit Trust to SMSF? What happens when you transfer your property from your Unit Trust to your Self-Managed Superannuation Fund? Surely there is no stamp duty. After all, it is just you transferring the property from you to another you? Sadly, the Court said […]
07/05/2017

Accountant disrupts $3b debt collecting industry

Now the Adviser and Accountant does debt collecting Many businesses don’t have the time and resources to recover debts. Often they are too hard to collect. As accountants well know, over $3b of debt is written off every financial year in Australia. The debt collection industry is under the clutches […]
02/05/2017

Memorandum & Articles of Association are dangerous

Australian companies created before 1 July 1998 had a 'Memorandum & Articles of Association' (M&A). Since then all new companies should have a Constitution. Both guide directors and officers in how the company conducts itself. Your old M&A still operates but not well. Faults with the old M&A: M&As require […]
30/04/2017

Commission contractor vs employee

Commission contractor vs employee - ATO  makes the correct decision The ATO accepts that a commission only salesperson is NOT an employee. Instead, they are independent contractors. But you need evidence of this. In the Commission contractor vs employee debate, it comes down to what is in your Independent Contractors Agreement. […]
22/04/2017

How to Build a Div 7A when the borrower is a Family Trust

Why do I need a Div 7A when the borrower is a Family Trust? A Division 7A Loan protects loans from your company to a shareholder or 'associate'. Your Family Trust is an 'associate'. Your Family Trust must have its own Div 7A Deed. This is how to build a […]