NewsBite

Meg Heffron

August

Painting your SMSF-owned property could be a mistake.

Beware – DIY repairs and renovations are a minefield for SMSFs

Doing work on a property owned by your SMSF is fraught with danger because of strict tax and superannuation laws. Here’s what you need to know.

July

Residency rules are the big risk for self-managed superannuation fund (SMSF) trustees who live overseas for an extended period.

What to do to with your SMSF if you’re moving overseas

The Tax Office requires trustees to pass three tests if they wish to maintain tax benefits.

The super trick every couple should know about

It can make a material difference to your total retirement kitty and the tax you pay – but you need to get it right.

June

The tax on super above $3 million would be on top of the standard 15 per cent tax that is generally paid on tax-concessional contributions by most people.

Why the proposed new $3m super tax is simpler than you think

But the devil is in the detail, so the potential for complexity lies in how the “proportion” and “earnings” amounts are worked out.

May

While governments find it tempting to punish people holding large balances with more tax, what we really need is to learn from the past.

A smarter way to tax high super balances

The government has tried to keep things simple, but in doing so fairness has gone out the window.

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March

AFR

There are good reasons to have insurance in an SMSF

An SMSF is allowed to claim a tax deduction for insurance premiums.

February

Some choose to withdraw lump sums from their pension (known as a commutation), for example to finance an overseas trip.

The two things you need to know about $1.9m super cap

It can be the most baffling number in retirement savings but figuring it out could help you get more into your fund.

January

SMSFs that have bought a property with borrowed money always have to be extra careful when they make changes to the property.

Do this before adding solar panels to your rental property

If the property is owned by a self-managed super fund, be sure to stick to these rules.

December 2023

How to claim your spouse’s super after they die

There’s a way to move their retirement savings to your super – this is how to get things going.

November 2023

Beefed up proof-of-identity rules are aimed at protecting SMSFs from scams but will mean more paperwork.

What to do to protect your SMSF from fraud

Beefed-up proof-of-identity rules aim to protect SMSFs from scams, but will mean more paperwork for trustees.

  • Updated

October 2023

The Australian Taxation Office occasionally “disqualifies” certain people,  which means they can never again be the trustee of an SMSF.

What happens if you make an illegal raid on super to ease tough times

More SMSF trustees are being caught out by the ATO illegally accessing their retirement savings – this is how they’re dealt with.

How the $3m super tax will work

Not all the ‘earnings’ over the threshold will get taxed at 15 per cent, just a percentage –  depending on how much of your balance exceeds the cap each year.

September 2023

Anyone leaving a super fund will have their super balance reduced by any capital gains tax owing if these assets have grown in value.

Don’t switch super funds without doing these five things

Careful planning can make the world of difference. Don’t be too trigger-happy when it comes to initiating the transfer via myGov.

August 2023

It’s often far better to just leave the assets in super and cop the new tax.

Watch this tax trap if you’re trying to beat $3m super cap

It’s all in the timing. This is how to cut CGT on a $1 million gain from $71,000 to $33,000.

July 2023

It’s essential that the paperwork happens before starting the pension.

Get this paperwork right – or risk losing your tax deduction

Made personal super contributions in the last tax year and want belatedly to claim a tax break? This is what you need to do.

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June 2023

An exception is a farm where the owners also live.

Can I sell my property to my SMSF?

The answer depends on a number of factors – primarily the type of property and who will rent it from the fund.

May 2023

Another point for trustees to consider is whether it’s appropriate for the fund to take out insurance for its members (for example life insurance).

When your super fund’s paperwork could get you into trouble

If an auditor is turning down your DIY fund’s investment strategy, what’s probably at fault is your documentation rather than the actual investments.

March 2023

Some people take no pension payments during the year but withdraw the whole minimum amount in one go.

Want bespoke retirement income? Here’s how to do it with an SMSF

Running an income stream from an SMSF can mean doing what suits you rather than ticking the boxes of a public fund.

It’s important for couples to think about keeping their super roughly even in their 30s and 40s rather than waiting until later.

What to do now to beat $3m super cap

One important action is taking steps to even up the balances held by couples.

February 2023

If an SMSF had sold a large asset and made a big capital gain in 2022-23, moving to pension phase as soon as possible would be more tax effective.

Should I wait until July to start my pension?

The increase in the tax-free pension cap to $1.9 million doesn’t mean delaying your retirement is a no-brainer.

Original URL: https://www.afr.com/by/meg-heffron-p4yvl8