Can my SMSF invest in Bitcoin or another cryptocurrency?

Current as of 23 March 2021   Bitcoin, Ethereum, Litecoin just to name a few. The world of encrypted digital currency, commonly known as ‘cryptocurrency’ has been all the rage for quite some time, and most recently being the “in thing” for many SMSFs. So what exactly is cryptocurrency? In a nutshell, it is a virtual currency or online cash. … Read More

Post Jobkeeper Government Support Package

Current as of 23 March 2021   The existing Jobkeeper support program ceases on 28 March 2021. The Government has just announced a new $1.2 billion support package from 1 April 2021 to target the businesses, workers and regions still doing it tough. Whilst our economy had recovered 85% of its fall from Covid-19, the Prime Minister said the package … Read More

Are you selling a property in Australia?

CURRENT AS AT 24 January 2019   With recent changes in law there are additional responsibilities when you sell a property. As part of the conveyancing process you will now be asked to provide a capital gains withholding Clearance Certificate which declares that you are an Australian tax resident.  The Clearance Certificate notifies the purchasers that they do not need … Read More

How long do I have to keep my tax records for?

Current as of October 2017   By law, you must keep business and taxation records generally for five years from the later of when they are prepared, obtained or the transaction is completed. For those with very simple affairs you may be able to retain your records for only two years, however things are not necessarily that straightforward. Simple individual … Read More

Use of social media can open you up to a Tax Audit

Current as of April 2017   Posting images and content online showing your latest holiday or purchase seemed like a good idea at the time! Just remember who might be looking at your social media as well. The ATO has always looked at different ways to data match what taxpayers declare in their tax returns against information available from other … Read More

Are you ready for the 1 July 2017 super changes?

Current as of March 2017 Part 3: Interaction of the $1.6m pension transfer cap and death benefit payments In last month’s Part 2 of the super changes newsletter, “I have more than $1.6m in pension phase so what are my options?”, we discussed the $1.6m Transfer Balance Cap (“TBC”) and “Transfer Balance Account (“TBA”). Not only does this TBC affect … Read More

Accessing your super – special circumstances

Current as of March 2017   SMSFs have strict rules on when super monies can be withdrawn from the fund, most commonly when a member satisfies a form of retirement. However, special conditions apply should a member be diagnosed with a terminal illness who are looking to access their super benefits. Terminal illness grounds A terminal medical illness exists when: … Read More

SMSF Properties – what can and cannot be done to them?

Current as of February 2017   Borrowing by a self- managed superannuation fund (“SMSF”) to purchase property, whether it be residential or commercial, is not a new investment strategy however care needs to be taken when trustees wish to start to make alterations and improve these properties.  What is the current legislation? Current Limited Recourse Borrowing Arrangements (“LRBAs”) allow for … Read More

Foreign Person and Land Tax Surcharge problem in family trusts

Current as of January 2017   From 31 December 2016 discretionary trusts (commonly known as family trusts) holding residential properties could be subjected to the foreign person rule and could be liable for an extra 0.75% land tax cost on the unimproved land value of the residential property (on top of the existing 1.6%). Example Family Trust A has a … Read More

NSW Property Surcharge on Discretionary Trusts

Current as of December 2016   If you have a Discretionary Trust (commonly known as Family Trust) and you have residential properties located in NSW within your Trust, then we suggest that you read this article in full. The NSW Government has recently made changes to the definition of “foreign persons” for the purposes of assessing duty and land tax … Read More