Do receive a superannuation pension, from your superannuation? Referred to as an account-based pension, then generally you will be over 65 or over 60 and retired. You would be aware that there are significant tax benefits on receiving an account-based pension. Essentially, the earnings on the assets in the superannuation are tax-free. That is, there […]
The last thing we need during these uncertain times is a reduced tax refund or even a tax bill because we did not claim all our legal entitlements. These days with modern and improved technology we can prepare our own tax return. Unfortunately, it is my experience that when individuals prepare their own tax return […]
During these turbulent times, we are all reading negative headlines such as “property prices are set to decline by up to 20%”, “unemployment is suggested to double to 10%” and “business will not recover until a vaccine is found for COVID–19”. With headlines like these, it’s no wonder we’ve got financial jitters. Currently, many people […]
With 30 June 2020 rapidly approaching now is the time to consider whether there are any tax-effective strategies that may be applicable to you, as well as the government’s policies available for those impacted by COVID-19. For those impacted by COVID-19, you may wish to consider the following superannuation assistance: Early release of superannuation. If […]
Now more than ever we all require quality financial advice. COVID-19 has created a very unprecedented and uncertain time. Many readers, if not most, will be experiencing some form of cash flow difficulties. Some readers may have been made redundant while others have reduced working hours. Retirees may not be receiving the same rental income […]
During these unpredictable and volatile share market times, I am sure you will agree that we need to be cognisant about where our superannuation is invested. For many of us, our superannuation is our second largest financial asset outside of our family home. From my experience, we know what type of fund we have invested […]
If your family business needs cash flow in addition to the withdrawal of the $10,000 per member in the 2020 and 2021 financial years, a Self-Managed Superannuation Fund (SMSF) can explore a related party transaction where the SMSF lends to the business an amount not exceeding 5% of the assets of the SMSF. The Superannuation […]
Whilst Self-Managed Superannuation Funds (SMSFs) have numerous benefits including flexibility, choice and control over your investments, estate planning and tax management benefits. There eventually comes a time when the time and cost to manage the SMSF exceeds the perceived or actual benefits. The main reasons that people consider winding up their SMSF include: The members’ […]
Many small business operators have an SMSF and operate a small business. With mounting bills and declining revenue, they cannot see the light at the end of the tunnel. If you feel that your business is a viable business over the longer term you may consider borrowing monies from your SMSF. A superannuation fund is […]
If you are a landlord, consider these handy tips to minimise the financial impact during this difficult period. Talk to your bank. You should consider discussing with your bank the terms of your loan. For example, explore whether you can have your loan changed from principal and interest to interest only. This will assist in […]