Well, I can’t say that this year’s budget was my favourite, which I’m sure is a shared sentiment among a lot of our clients. Whilst I still believe that Superannuation is a great space and retains a high degree of tax advantages, there are some changes on the table that will affect quite a few people.
Are you on the monthly bill cycle for Superfund Partners? If that is the case, you are part of the monthly processing system. As the name suggests, this means that each month your superfund is reconciled up to the end of the previous month. This is made possible by our ability to utilise data feeds that port transactional data into our software Class Super (For more details see Chloe Ward’s blog on Data Feeds).
Chloe talks about a successful month, looking at opportunities and getting ready for the budget announcement.
Chloe interviews Mark Beveridge from Quill Group and gets his insight on the difficulties investors are facing and what opportunities they should be looking out for.
Chloe talks about crunching down before the May deadlines, what to watch out for and steps you should be taking for EOFY preparation.
When you buy an investment property, it’s assumed that all costs associated with the property will be a tax deduction, unfortunately, this is not always true.
An expense is deductible when it is incurred and to the extent that it relates to producing assessable income. Some of these expenses may include:
- Advertising for tenants
- Utilities &
Data feeds are something that you have most likely heard us talk about for quite some time. These third party authorities have a huge impact on how we look after you and your fund and the level of accuracy and efficiency we can deliver.
Probably the most important misconception is that when you sign a third party authority form,
Whilst there haven’t been any major tax reforms within Super for quite some time, the landscape has definitely shifted in terms of compliance and issues surrounding advice.
So what changes are coming into effect this year?
- Abolishment of the Accountants Exemption
This is probably one of the biggest changes to disrupt the financial services industry.
ASX listed equities are statistically the most common asset in an SMSF and this is reflected in the hundreds of SMSF accounts I review each year. A common question I ask my clients is “do you have an adviser or a broker?”
I get mixed answers to this question.
Collectibles and changes from 1 July 2016
Does your SMSF own artwork, jewellery, coins, vintage cars, wine collections or antiques to name a few of the major items deemed collectibles? If these items were purchased before 1 July 2011 you might not be aware that significant changes are taking effect from 1 July 2016.