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Investing in property can be a very successful strategy to create wealth and retire successfully and in recent years I have seen a number of people become millionaires through property investing with a long term, well structured, professional approach.
Unfortunately, the harsh financial reality is that many first time property investors never go beyond purchasing their first investment property.
Simple mistakes with your first investment property purchase can hold investors back from expanding their property portfolio and growing their wealth.
Your very first investment property purchase will determine your success in building a successful property portfolio. So, it is important that you do as much research as possible before investing and seek professional advice from a specialist property investment accountant to maximise your opportunity of successfully achieving a property portfolio to fund your retirement.
Many of our SMSF clients have a fund that is in pension mode, and it is extremely important that when a SMSF is in pension mode that the Trustees do not make an error in meeting the minimum annual pension payment.
The consequences of making an error, and not meeting the minimum annual pension payment, could possibly cost the SMSF many thousands of dollars in tax and compliance costs.
A major focus of the Australian Taxation Office’s in the SMSF sector has been, for the past couple of years and will continue to be, the tax exemption super funds receive on pension income and realised capital gains.
The Australian Taxation Office makes approximately 500 Self Managed Super Funds non-compliant each year, and with the strong continuing growth in SMSFs and the ATOs growing focus in this area of compliance this figure will continue to grow.
Self Managed Superannuation Fund Trustees need to fully understand that a Super Fund deemed by the ATO to be non-compliant does not just impose costly financial penalties to the fund via fines and increased taxes, but some trustees who have breached their SMSF obligations have even been given custodial sentences.
Unfortunately there are many unscrupulous Financial Advisors willing to set up Self Managed Super Funds for clients with funds as little as $30,000 to $40,000.
SMSFs received good news that the government will amend the law from 1 July 2012 to allow the tax exemption for earnings on asset supporting superannuation pensions to continue, following the death of a fund member in the pension phase until the deceased member’s benefits have been paid out of the fund.
December 29, 2018
December 16, 2018
December 10, 2018
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For more information about the services we provide, or to find out if you are eligible for a free no-obligation consultation, call us now on 9317 7300.
The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standards Legislation
Paul Baggetta is the Founder & Principal of Baggetta & Co (ABN 68 786 233 813).
Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.
Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.
Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.