Superannuation is a crucial financial tool designed to provide Australians with a comfortable retirement. While it's generally a long-term investment, there are specific circumstances under which individuals are allowed to... read more →
Loans to members continue to top the list of reported contraventions in self-managed super funds (SMSFs), according to auditor contravention reports submitted for the 2019 to 2022 audit years. Constituting... read more →
A quick reminder to all Self-Managed Super Fund (SMSF) trustees about the upcoming deadline for lodging your SMSF Annual Return (SAR). The due date for submission is 28 February 2024.... read more →
A Self-Managed Super Fund (SMSF) is a unique and increasingly popular retirement savings vehicle in Australia. SMSFs offer individuals and families greater control, flexibility, and investment choices than traditional superannuation... read more →
If you have a rental property, are you aware of the rules around claiming second-hand depreciating assets? Second-hand depreciating assets are depreciable items previously used or installed and ready for... read more →
Superannuation planning is just as important as tax planning at the end of the financial year. As such, it is an area that needs to be carefully reviewed and checked... read more →
As expected, the 2023-2024 Federal Budget has placed a strong emphasis on the cost of living and establishing a stronger, secure economy. From an SMSF perspective, we were pleased to... read more →
At our accounting firm in Newcastle, Australia, we take pride in providing exceptional financial services to individuals and businesses in the area. Our team of expert accountants offers a wide... read more →
The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a property and a tenant in financial distress, you... read more →
You may be aware that the Government recently announced measures which allow individuals affected by the economic impacts of COVID-19 to access a limited amount of their superannuation early. Making... read more →
Taxation Ruling TR 2019/2 Income tax: whether penalty interest is deductible provides the Australian Taxation Office’s (‘ATO’s’) view on the deductibility of penalty interest. It replaces Taxation Ruling TR 93/7W Income tax: whether penalty... read more →
Reversionary pension vs BDBN: which outcome is preferred? Imagine a conflict between pension documentation and a binding death benefit nomination (‘BDBN’) in a self-managed superannuation fund (‘SMSF’) context. For example,... read more →
Leenane Templeton has been named a finalist in the Australian Accounting Awards for SMSF Firm of the Year. The Australian Accounting Awards, in partnership with Intuit QuickBooks Australia, is the... read more →
The recent case of Burgess v Burgess [2018] WASC 279 (‘Burgess’) continues a line of cases that consider the conflict that arises where a person acts as executor of a... read more →
We compare the option of a director nominating an alternate director in contrast to nominating a successor director in a self managed superannuation fund (‘SMSF’) context to determine which is... read more →
Under certain circumstances, an individual member’s total superannuation balance (‘TSB’) will be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on... read more →
If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘Bill’) becomes law, an individual member’s total superannuation balance (‘TSB’) may be increased by their share of the... read more →
The new law pertaining to ‘ipso facto’ clauses came into operation on 1 July 2018. This article highlights the relevance of the new law for SMSFs. Note that the law... read more →
This article covers the main ways a person becomes a disqualified person, the consequences of disqualification and the options available to those who are disqualified. (We refer to a trustee... read more →
Significant time has passed since the introduction of the transfer balance cap (‘TBC’). During this period, many have become aware of the potential trap caused by the TBC for SMSF... read more →