HQB’s Weekly SMSF News – Week 11 – Contribution caps – what are the limits on how much I can contribute to superannuation?
HQB’s Weekly SMSF News – Week 11 Contribution caps – what are the limits on how much I can contribute to superannuation? There are two broad types of superannuation contributions: Concessional Also known as before-tax contributions. A tax benefit can usually be obtained by making concessional contributions. The most common include employer contributions (including compulsory […]
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 […]
HQB’s Weekly SMSF News – Week 6: Importance of an Investment Strategy
HQB’s Weekly SMSF News – Week 6 Importance of an investment strategy – why is the auditor asking about it? The superannuation laws require that you must prepare and implement an investment strategy for your SMSF. The investment strategy must be reviewed regularly, and consistent with the actual investments of the SMSF holds. There is […]
HQB’s Weekly SMSF News – Week 5: Valuation Of Fund Assets
HQB’s Weekly SMSF News – Week 5: Valuation Of Fund Assets I have Self-Managed Superannuation Fund (SMSF) – what do I need to know about Valuation of Fund Assets? At 30 June each year, the trustees of the fund need to resolve the market value of assets. For publicly listed Shares, the market value at year end […]
20% Skills & Training Boost and Technology Investment Boost
The government is currently in consultation on two proposals, with legislation drafted to introduce an additional tax deduction for small businesses to train and upskill their employees or invest in technology. Skills & Training Boost The proposal will provide small businesses (aggregated turnover <$50 million) with an extra 20% tax deduction on eligible training expenditure […]
HQB’s Weekly SMSF News – Week 4: Financial Reporting
HQB’s Weekly SMSF News – Week 4: Financial Reporting I have Self-Managed Superannuation Fund (SMSF) – what do I need to know about financial reporting? You need to have Financial Statements prepared for each year ended 30 June – we can assist you with that process. Included in these reports is a requirement to include assets of […]