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Does your SMSF meet the sole purpose test?

By On December 2, 2019

If you have a self-managed super fund (SMSF), then you need to meet the sole purpose test to be eligible for the tax concessions that are normally available to super funds. The… Read More


Super when you’re self-employed

By On November 24, 2019

If you are a sole trader, or in a partnership, then you are not obligated to make super guarantee (SG) payments for yourself. However, you should still consider making personal contributions to… Read More


Proactive consolidation with ILBAs

By On November 17, 2019

Inactive low-balance accounts (ILBAs) are a new category account that needs to be reported and paid to the ATO. This was introduced in the Treasury Law Amendment (Protect Your Superannuation Package) Bill… Read More


Commutation authorities for SMSFs

By On November 8, 2019

Commutation authorities are issued by the ATO when a member of a SMSF has exceeded their transfer balance cap. A commutation authority will be issued after the member has received an excess… Read More


Travels with my SMSF

By On October 31, 2019

Travelling overseas for an extended period of time is an exciting adventure and a chance to have a break. However, SMSFs do not take a break when you do, which is why… Read More


Do you need to pay superannuation for contractors?

By On October 29, 2019

A contractor can turn into an employee for legal and financial obligations, so when working with contractors, employers need to test whether they count as an employee or contractor for superannuation purposes… Read More


Super law changes to NALI and LRBA

By On October 16, 2019

Integrity measures included in Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 have now been enacted with an effective date of 1 July 2018. There have been amendments made to… Read More


Treasury Law Amendment for super measures moves forward

By On October 9, 2019

The Treasury Laws Amendment (2018 Superannuation Measures No.1) Bill 2019 has passed both Houses of Parliament and reached royal assent on 2 October 2019. First announced in the 2018-19 Budget, the Bill… Read More


Consequences of late SMSF annual returns

By On September 30, 2019

From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status… Read More


Returning to work after accessing your super

By On September 24, 2019

Retirement isn’t necessarily a permanent thing as even the best-laid plans can collapse when circumstances change. The Australian Bureau of Statistics (ABS) has found the most common reasons retirees return to employment… Read More