Cooper Review: Top 10 recommendations from final report
On 5 July, the Government released the final report of the Super System Review (Cooper Review). Although there won’t be an official response on the final report for several weeks, the Superannuation Minister…
THE SOAPBOX: Show mercy on contributions caps, for votes’ sake
In the May 2010 Federal Budget, the Government announced that the ATO would have discretion to deal with Australians who exceeded contributions caps, but… wait for it… only from the 2010/2011 year. Come on guys!
SMSFs: Trauma insurance is now OK says ATO
Q: Can I purchase trauma insurance within my DIY super fund? Yes, based on a SMSF Determination issued by the Australian Taxation Office during April 2010. Quoting directly from SMSFD 2010/1: 1. Yes, a trustee can still satisfy the sole purpose test provided any benefits payable under the policy…
Free cash: Renovating the First Home Savers Account
You’d expect a stampede when the Government offers tax-free handouts to help first home-buyers purchase a place to live. Not so when the freebie is the First Home Savers Account, one of the most complicated and restrictive schemes in the country.
SMSF investment: Art for art’s sake
In May 2010, the Cooper Review (also known as the Super System Review) flagged that it intends to recommend that SMSFs be forbidden from investing in collectibles and personal-use assets; such as, art, jewellery, exotic cars, yachts, antiques, race horses and wine.
Gone missing! Have you checked your super lately?
If you have a few spare moments, I suggest you contact your superannuation fund and ask the person on the other end of the phone to verify your superannuation account balance, and confirm that no one has withdrawn any of your super cash lately.
Superannuation Guarantee: Do we have to pay SG for overseas workers?
Q: We have a girl working for us who is on an English working visa. She doesn’t have super at home in England but do we have to pay her super while she is working for us? If yes, how do we go about it?
Shining a Government spotlight on SMSFs: a summary
On 10 December 2009, the Government’s Super System Review released ‘A statistical summary of self-managed superannuation funds’. Although mainly based on data as at June 2008, the document provides interesting insights into what the ‘average’ SMSF is doing in terms [...]
SMSF fraud: a case of mistaken identity
If you read the business section of the newspapers recently, or keep track of the financial news on the television, you may have heard about the push by a few industry groups within the superannuation sector to tighten the entry [...]
SMSFs: Purchasing options is OK, and even sometimes CFDs
Q: Can a SMSF buy/sell call/put options? I understand that CFDs are not permitted because it breaches the charge over asset regulation. However, is that true that options are derivatives and in giving shares as a collateral (when writing options) [...]
SMSFs: The ATO wants to hear from you
If you run your own super fund, the Australian Tax Office wants to hear your views on superannuation. According to the latest ATO’s SMSF News Alert, the ATO has commissioned research company Colmar Brunton to collect “views of the community, [...]
