Tag Archives: Suzanne McIntosh

Government delivers surplus election friendly 2019-20 Federal Budget

A surplus election budget is the news coming out of the 2019-20 Federal Budget. With superannuation left largely untouched, the Government focused on further personal income tax cuts.

However, three key announcements include providing more flexibility for individuals to contribute at ages 65 and 66, the ability to choose their preferred exempt income tax method and increased funding for electronic super rollovers are welcomed.

This Federal Budget will provide much-needed stability and flexibility for SMSF members while looking to reduce red tape.

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UK Pension – Transfer to Australian Self-Managed Superannuation Fund

We have had success in transferring UK pensions over to an Australian self-managed superannuation fund (SMSF).

There is now an age restriction of 55+ for the members of an SMSF who would like to transfer their pension from the UK, and a deed upgrade will need to occur, however we do see a large increase of Australians working in the UK and having pension scheme balances, that used to feel ‘lost’ upon returning to Australia.

If this is something that you think you could benefit from or would like further information, please contact our office.


Property and my SMSF

Property and my SMSF

Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio.  There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered.

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Personal Superannuation Contributions – 10% rule repealed

Personal Superannuation Contributions – 10% rule repealed 

With the end of the financial year fast approaching, it is time to start thinking about income tax deductions.

Under the new Government changes to super, effective 1 July 2017, the 10% maximum earnings condition for personal superannuation contributions was removed for the 2017-18 and future financial years.

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Franking credits and your SMSF

You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own.

First of all, what are franking credits and how do they benefit SMSFs?

Under the Australian tax system companies pay 30 per cent tax on their profits. When these profits are then passed on to their shareholders in the form of dividends, the company also hands the shareholders a credit for the tax the company has already paid (the “franking credit”). The individual shareholder then pays tax on the profit they received from the company less the credit for the tax the company has already paid.  The franking credit ensures that the company profits are taxed at a shareholder’s marginal tax rate.

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Property and my SMSF

The directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio. There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered.
Continue reading


Shield Wealth and Stellar Super, in conjunction with Paul Salinas, from Campbell & Co Lawyers are hosting boardroom sessions in March.

Estate planning is a subject that we don’t like to think about but in its simplest form, it is just about ensuring peace of mind. It is about making sure that the investments you make now are passed on to your family or beneficiaries in the most effective way.

Developing an effective estate plan will ensure that:

• Any tax payable is minimised

• The ownership of assets passes to the right beneficiaries

• The assets are protected if any beneficiary has any legal issues

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Investment Strategy

Always Keep Your Investment Strategy in Your Mind

You have made it through the financial year and navigated the new superannuation laws that took effect on 1 July 2017 but there is one thing you should always think about and that is your investment strategy. Additionally, there is no better time than right after a financial year end where you can review your SMSF investment strategy and its performance.

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CGT Relief

From 1 July 2017 a cap of $1.6m will be introduced on the amount a person can transfer into the tax free retirement phase. Anyone with a total retirement phase balance in excess of $1.6m will generally be required to either commute the excess amount back to accumulation phase or withdraw the excess from superannuation altogether. Further, transition to retirement (TRIS) pensions will not be treated as retirement phase income streams from 1 July 2017.

Overview

Earnings on assets supporting retirement phase income streams are eligible for an exemption from income tax. To compensate those who will need to transfer assets out of retirement phase in order to comply with the new rules will have access to Capital Gains Tax (CGT) relief on the impacted assets. This CGT relief will allow the Trustee to elect to reset an asset’s cost base in 2016-17. This effectively locks in the capital gains tax treatment of the assets up to 30 June 2017 prior to the new rules applying from 1 July 2017. How this relief applies is different depending on several factors.

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