Tag Archives: SMSF
Finalist Announcements
Stellar Super Pty Ltd is in the running to take out several of Australia’s most coveted SMSF awards.
We have been shortlisted as finalists in the following awards:
SMSF and Accounting Awards 2017 – NSW/ACT
- SMSF Firm of the Year
- SMSF Adviser of the Year
- SMSF and Accounting Professional of the Year – Metropolitan
- SMSF Specialist Accountant of the Year
Women In Finance 2017 – Nationwide
- SMSF Adviser of The Year
We are humbled by this recognition and it is wonderful to be eligible for this accolade.
The winners will be announced on the 21st September and the 2nd November, in Sydney.
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.
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.
Mortgages
Time to Review your Mortgages
According to Galaxy research, that iSelect arranged, one third of mortgagors have not reviewed their mortgage options in the last five years and over 80% of Australians do not know their mortgage rate.
If you could pay less in interest rates, grow your superannuation benefits faster or just pay less in fees is it not worth knowing about?
There is a misconception that moving lenders is costly and a hassling event, this is not always the case. The potential saving gains that can occur, when switching a loan to one with a lower interest rate, can sometimes be underestimated.
This year we will be encouraging our clients to do an annual home loan check, both outside of their SMSF and within for the Limited Recourse Borrowing Arrangement (LRBA’s) in place.
Beware
*BEWARE* Low Cost Providers
We have had several discussions with clients, and other professionals within the self-managed superannuation fund (SMSF) industry, about low cost providers of accounting and audit work. The ATO have commenced targeting low cost auditors and suppliers.
Kasey Macfarlane, the ATO SMSF Segment Assistant Commissioner said during theinterview with the SMSF Association that low-cost audit problems discovered included the failure to confirm fund assets and not reviewing the terms and structures of Limited Recourse Borrowing Arrangements. Kasey continues “In another case, there was an auditor who failed to retain documentation in accordance with the auditing standards and had failed to identify and report two material real contraventions that the ATO had required.[1]”
2017 SMSF and Accounting Awards
Brooke Hepburn-Rogers and Stellar Super Pty Ltd are in the running to take out one of Australia’s most coveted SMSF awards.
Brooke Hepburn-Rogers and Stellar Super Pty Ltd have been shortlisted as finalists in the following awards, at the state-based 2017 SMSF and Accounting Awards hosted by SMSF Adviser, Australia’s top publication for SMSF professionals:
- SMSF Adviser of the Year — Brooke Hepburn-Rogers
- SMSF and Accounting Professional of the Year – Metropolitan — Brooke Hepburn-Rogers
- SMSF Firm of the Year – Stellar Super Pty Ltd
- SMSF Specialist Accountant of the Year — Brooke Hepburn-Rogers
Survey – Stellar Annual Conference
We are looking at holding an annual SMSF seminar next year, touching on areas from legal experts, auditors and much more. Would you please complete the included Survey so we can ensure an optimum outcome?
https://www.surveymonkey.com/r/PGJTDCQ
Changes to the Assets Test for Centrelink Aged Pensions from 1 January 2017
As the end of the year is drawing rapidly to a close it may feel like the changes to the Asset Test for the Aged Pension have just been drawn up, however, these were announced in the 2015 Federal Budget. Continue reading Changes to the Assets Test for Centrelink Aged Pensions from 1 January 2017
