With much controversial discussion surrounding the First Home Super Saver Scheme, understanding exactly what the Scheme entails is necessary. The scheme was announced in the 2017-18 Federal Budget as a means to reduce the pressure surrounding housing affordability across Australia. The formalities of the scheme are as follows: As of 1 July 2017, individuals can…
Read Article
This year, the Australian Taxation Office has placed a greater focus on property developers and are particularly watching company directors with a history of GST obligations avoidance. As of May 2017, the Government announced new requirements on those purchasing newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as…
Many Australians opt for a self-managed super fund but fail to understand how to truly make it perform optimally. If you have an SMSF and are serious about maximising your returns, consider the following: Risk Without taking risks, you won’t be able to experience great profit. However, there you still need to be cautious of…
The Government has announced a reform of the Deductible Gift Recipient (DGR) status to strengthen governance arrangements, reduce administrative complexity and ensure trust and confidence in the sector. The reforms are as follows: From 1 July 2019, non-government DGR’s must be registered as a charity with the Australian Charities and Non-for-profits Commission. Non-government DGR’s that…
The superannuation transfer balance caps have been problematic for SMSF members who don’t take careful consideration when succession planning. Failure to understand the impact of these transfer balance cap changes can have on your finances may force you to transfer large amounts of money out of your super. The transfer balance cap of $1.6 million…