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 […]
The Coronavirus is wreaking havoc globally at a frightening rate with stock markets experiencing unprecedented volatility. So when is a good time to buy shares in these unpredictable, uncertain and volatile times? The best time to buy shares is when the coronavirus and stock market panic has peaked. This hasn’t happened yet – the curve […]
Given the current economic climate, coupled with the Coronavirus and the fact that many of us have very large mortgages, more and more people are wondering whether they can access their superannuation. Many people are concerned (if for example they are retrenched or forced to take an extended period of time off work without pay), […]
Is now the time to get into the stock market or the time to get out? Before answering that question you should consider your short, medium and long term goals. Do you need cash for your living expenses over the next 12 months? If you do need cash over the next 12 months but not […]
Is now the time to invest in the stock market or to get out? The short answer to this question is, it depends on your age, your goals and your objectives. If your goals are very short term such as saving for a deposit for a home, or looking to buy a car or saving […]
The most frequently asked questions this time of year pertains to Christmas parties. Specifically, are they tax deductible and are they subject to Fringe Benefit Tax (FBT). Let’s address Fringe Benefit Tax (FBT) first. The costs associated with Christmas parties held off site i.e. at a restaurant, will be subject to FBT unless the benefits […]
Do you have a SMSF? Have you lodged your 2019 SMSF Annual Return? Have you applied for an extension of time? If you have a SMSF and you have neither lodged your 2019 SMSF Annual Return nor successfully applied for an extension of time then your SMSF ATO status may be changed from ‘Registered’ to […]
Do you have parents or grandparents over the age of 65? If so, you need to be aware that over 10% of this category are subject to ‘elder financial abuse’. Elder financial abuse is the improper use of money or assets of an elder person. Commonly it includes such behaviours as using their finances without […]