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Article Super

FPA Congress Paper

I can’t be bothered carrying hundreds of copies of my paper for tomorrow’s presentation at the annual FPA Congress up to Brisbane… So attached is the paper for delegates (and anyone else with an internet connection) to download. Enjoy (But you have to be at the session to listen to my not very funny jokes…) […]

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Super

Using super for tax planning is getting dangerous…

The super system has a legislated sole purpose, and it is not there fpr the purpose of minimising tax or achieving business succession or … It is just to provide retirement income. And everytime you think about using a super fund, with all its tax benefits, for anything other than providing for retirement be aware […]

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Planning Idea Super

Superphobia…

Do you have clients who want their money now? “I wont live long enough to get my super!” They want the whole 100% in their hand, not just 91.53% ($91.53 + (9.25% of $91.53) = $100)… Well maybe you can legally help them… In ATO interpretative decision ATOID 2015/9 the Commissioner considers whether there are SG obligations […]

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Super Tax Policy

Tax announcement everywhere…

I hope Chris Bowen is Prime Minister one day. Yes big call but he is measured and thoughtful and never ever in a rush. And he has now released a super tax policy. It is a good start… For those who will scream “wont we have thousands of more people on the pension if we […]

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FBT Income Tax Super Tax Policy

Tax Impediments Facing Small Business…

The Board of Tax report on Tax Impediments Facing Small Business has been made public. This report, and the Government’s response make some interesting reading. What do you think about: “Based on an analysis of business population data, the Board recommends that the small business entity turnover threshold be increased to at least $3 million and investigate the feasibility […]

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Super

Making super for employers “a little bit” easier

Nothing is for free – except the Small Business Superannuation Clearing House. So have you thought about whether you or your clients should be using this system? The Small Business Superannuation Clearing House is a free online super payment service run by the ATO for small businesses with 19 or fewer employees. It allows businesses […]

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Super

End of Limited Recourse Borrowing Arrangements? And a whole lot more!

I do hope so… In the final report of the Financial System Inquiry undertaken by David Murray, the main recommendation that applies to Self Managed Super is to remove the exception to borrowing for limited recourse borrowing arrangements. I have seen this done wrong so many times and the ATO states that a large percentage of private rulings requests […]

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Legislation Planning Idea Super

The End of Excess Contributions Tax Mark 2

In the Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 we finally get the final rules that will allow the refund of excess non-concessional contributions. We have discussed this change when it was released as draft legislation. But the final legislation is different from the draft legislation in the following ways: There is no longer a […]

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Super

“Buy our properties in an SMSF”

Very interesting… In a Media Release, ASIC has announced that it has commenced proceedings to prevent a property investment promoter from promoting the use of Self Managed Super Funds to purchase investment properties. ASIC claims to have evidence of where this entity has given advice to set up an SMSF to hold the rental property to over 500 people… […]

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Rulings Super

Super paid for the dead… Required by law???

What do you do regarding super payments if an employee dies? In ATO Interpretative Decision ATO ID 2014/31 the Commissioner considers whether you have SG obligations on salary and wages paid to an employee after they died. In this case the payment was made as the employer owed the employee salary for the last fortnight […]