There has been much in the press recently about the government proposal to introduce a new $3m cap for super balances. The reasoning behind this is to reduce the tax advantages of the very wealthy who are lucky enough to have more than $3m in their superfund in the first place. There are estimated to… Read More Proposed Max Super Cap
SMSFs are a great tool for creating wealth in a tax effective environment and, because of the self managed bit, enabling you to have total control over your investments. However, SMSFs also come with lots of rules that need to be followed, with failure to do so potentially resulting in massive penalties. Make an administrative… Read More How old is too old for an SMSF
Another year, another budget and another raft of changes. Remembering that nothing is legislated, and it may all change and be tweeked as it goes through parliament, here is a brief synopsis of the main points of interest. Most of the changes this year are fairly minor, with lots working to eliminate the cash economy and get everyone paying… Read More Budget Update
Six essential checks pre June for your SMSF. If you need assistance, call me to discuss on 02 8090 4112
The ATO have a new arsenal of weapons for SMSFs that fail to follow the rules. For contraventions that occur after 1 July 2013, the table below shows the (massive) fines applicable PER trustee. That is if you have two individuals as trustees you can double the amounts shown. A huge incentive to get your… Read More New ATO Penalties for SMSFs
Prior to 1 July 2009, section 23AG ensured foreign employment income derived by an Australian tax resident in respect of overseas work assignments, which were longer than 91 days in duration and taxed in the overseas country, were exempt from Australian tax. Note that the exemption was only ever available for those who were Australian… Read More Article: 23AG Explained
Dear All, Since the last “reflect” life has continued to be very busy as we start to enjoy the fabulous sunny weather. Kelly is in yet another show – South of Broadway – playing this weekend & next at Berowra – free tax return for all clients that attend! As you all know I recently made… Read More October Reflect: Loads of News
Bridgland & Co Blog 