Your SMSF - Wind it up or pass it on?
Now that new legislation allows a maximum of six members in an SMSF, some fund trustees may be wondering if this could be an easy way to ensure a smooth transfer of their super to the next generation.
The simple answer is yes, but before you start adding your children and their spouses to your fund, it’s essential to develop a detailed SMSF succession plan to head off any potential problems.
Why make a SMSF succession plan?
New COVID Support from Federal and NSW Government
On 13 July 2021, the Federal and NSW Governments announced extra support for NSW residents impacted by the latest Sydney lockdown. Here is a summary of the support now on offer:
Federal support - Covid-19 Disaster Payment
a payment of up to $600 per week (up from the previous $500) for individuals impacted by Covid lockdowns.
The full $600 payment is for workers who have lost more than 20 hours of work per week.
Counting Down to 30 June
It has been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings.
So gather up any paperwork you need to prepare your personal tax return. This may include bank and superannuation statements, records related to share or property investments, receipts for charitable donations and work-related expenses. Wi...
Investing in recovery
In his third and possibly last Budget before the next federal election, Treasurer Josh Frydenberg is counting on a new wave of spending to ensure Australia's economic recovery maintains its momentum.
As expected, the focus is on jobs and major new spending on support for aged care, women and first-home buyers with some superannuation sweeteners for good measure.
With the emphasis on spending, balancing the Budget has been put on the back burner until employme...
Bitcoin buyers beware the tax trap
Cryptocurrencies like Bitcoin and Ethereum have generated a lot of interest over the past few years, particularly due to the spectacular rise and fall of their market value. From being worth just $1 back in 2011, the value of one Bitcoin today might be as high as $70,000, but that is no guarantee of its value next week!
While the big gains sound like great news for an investor, the flipside to consider is that the ATO will take a slice of that pr...