2022 – 2023 Federal Budget Announcement
Last night’s 2023 Federal Budget announcement (the first labour budget announcement in almost a decade) hasn’t delivered too many surprises. We have summarised a few points that may be of interest to you or affect your business: Nothing changed of any material consequences in respect of: Changes in tax rates legislated for 1 July 2024 […]
HQB’s Weekly SMSF News – Week 10 – Diversification – what does it mean?
HQB’s Weekly SMSF News – Week 10 Diversification – what does it mean? Diversification is the opposite of ‘all your eggs in one basket’. A SMSF that has a mix of investment types (e.g. cash, shares, property) could be said to be diversified, particularly if the investments are spread within those categories e.g. investing in […]
HQB’s Weekly SMSF News – Week 9: What does the SMSF auditor do?
HQB’s Weekly SMSF News – Week 9 What does the SMSF auditor do? The SMSF auditor is appointed by the trustees of the super fund (which is the same people as the members). The SMSF auditor is required to provide an opinion on two matters: Do the financial statements of the SMSF ‘present fairly’ the […]
HQB’s Weekly SMSF News – Week 8: Borrowing in a SMSF – when can I borrow?
HQB’s Weekly SMSF News – Week 8 Borrowing in a SMSF – when can I borrow? Generally, SMSF’s are not permitted to borrow, either from banks or related persons; The main departure from this general rule is to allow for ‘limited recourse borrowing arrangements’ (LRBA’s); LRBA’s require specialist legal assistance to set up and involve […]
HQB’s Weekly SMSF News – Week 7: When can I use a property owned by my SMSF?
HQB’s Weekly SMSF News – Week 7 When can I use a property owned by my SMSF? Residential property cannot be leased to a members of the SMSF or their families (there is a long list of relatives and others prohibited) It is possible to visit a residential property owned by your SMSF for essential […]