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Why your SMSF’s ‘rule book’ may be broken (and how to fix it)

Why your SMSF’s ‘rule book’ may be broken (and how to fix it)

by Hugo Furzer

As you probably know, every SMSF must have a corresponding Trust Deed. Think of it as the rule book every Trustee and Members of the SMSF must follow. And the rules cover pretty much every aspect of the SMSF’s operation, including such things as:

  • the powers and limitations of what the Trustee can do with SMSF assets
  • when and how members must apply to access their benefits
  • how members can contribute to the fund
  • how death benefit nominations are put in place.

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Why Budget Night might be a MayDay call for transition to retirement pensions

Why Budget Night might be a MayDay call for transition to retirement pensions

55 and over – Act NOW to protect your Super

Everyone loves a good rumour and with budget night less than a month away – due to be delivered on 3rd May – there are many going around. With Australia’s population aging and the baby boomers now at retirement age, it is suspected that the government may look to superannuation, contributions tax, and transition- to-retirement schemes (TTRs). Moreover, it is rumoured that TTRs may be attacked in the May budget. This means if you were 55 or over on 1 July 2015 you may need to act now.

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Superstream Alert April 2016

Superstream Alert April 2016

Your Superstream Obligations

SuperStream represents the streamlining and standardisation of superannuation contributions made by employers. Employers and super funds have been transitioning for some time under this initiative to sending and receiving super contributions electronically (eCommerce) in accordance with a consistent regulated Superannuation Data and Payment Standard (the Standard).

For employers of 20 or more employees, SuperStream transitioning occurred over the 2015 financial year. If you are an employers with 19 or fewer employees you will need to transition to an electronic means of making super contributions and member updates, which comply with the Standard, between by 30 June 2016.

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Fringe Benefits Tax ALERT 2016

Fringe Benefits Tax ALERT 2016

Fringe Benefits Tax (FBT)

 Fringe Benefits Tax (FBT) is a tax that many business owners try to forget until the deadline is upon them, but it is one that can have far reaching implications and costs. The end of year for FBT is 31 March 2016 – with the year running 1 April to 31 March. The Government introduced FBT many years ago to ensure that employees do not receive income disguised in another form and therefore avoid paying income tax. The deadline for lodging a FBT Return is 28 April 2016.

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6 warning signs you may need to detox your business

6 warning signs you may need to detox your business

It happens every year.

After enjoying a summer of frivolity you’re dragged back to reality by the early morning alarm. Your wallet is empty, your credit card is maxed out, and none of your clothes seem to fit.

Sipping a takeaway coffee you can’t afford, you flick through the morning paper. And there they are— dozens of quick fixes and long-term strategies to detox your life and take a better path. After reading a few of the articles (or maybe just the dot-point summaries), you decide to switch from coffee to green tea.

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