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Smsf Stats Just Keep Getting Better

SMSF stats just keep getting better - Tax Accountants Footscray

The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some good news.

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Tax Deductions Specifically For Smsfs

Tax deductions specifically for SMSFs - Tax Accountants Dandenong

One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members.

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Smsf Asset Valuations And

SMSF asset valuations and the contribution caps - Tax Accountants Artarmon

Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC.

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Carrying On A Business Through Your Smsf

Carrying on a business through your SMSF - Tax Accountants Tullamarine

Under the regulations, self-managed super funds (SMSFs) are not prohibited from carrying on a business, however the business must be allowed under the SMSF’s trust deed, and operated for the sole purpose of providing retirement benefits for fund members.

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How Much Do We Need To Retire

How much do we need to retire? - Tax Accountants Sunny Bank

The question of how much a person needs to have saved before confidently launching into their retirement years very much requires an individual answer. The more the better may seem to be an obvious response, but then again each one of us lucky enough to reach the brink of those golden years will feel a lot better doing so with some assurance that we’ve squirrelled enough away to be comfortable in retirement.

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Transfer balance account report (TBAR) update

The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions.

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