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Peter Burgess

October

Because people aged 67 to 74 are no longer required to meet a work test, they are tipping extra money into superannuation like never before.

Why over 70s are pouring money into super like never before

Removing the work test has allowed more people to take advantage of a strategy that reduces tax on an inherited nest egg.

September

One company has come up with a solution for residents in retirement villages who stay longer than the average nine years: just keep charging them.

$1 trillion: Millennials drive SMSF ‘renaissance’

SMSFs are undergoing a renaissance thanks in part to interest from Millennials. But it’s not all good news because many operate without any expert guidance.

August

Making sure you pay the minimum pension every year may be a simple rule but if overlooked, the consequences are serious.

Beware this easily overlooked pension rule with serious consequences

The ATO does not take kindly to SMSFs underpaying minimum pensions.

July

The change will turn Australian tax principles on their head.

There is a simpler, fairer way to tax super above $3m

Australia will soon become the only pension system in the world to tax unrealised capital gains.

June

Cost issues are driving SMSFs away from getting advice.

SMSFs desert financial advice in face of looming crisis

The government’s quality of advice review was intended to make financial advice more affordable. So why are fewer SMSF trustees seeking financial advice?

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May

Being the trustee of your own fund does not put you above the law.

‘It’s my money’ attitude leading to illegal super withdrawals

Early release of super is only supposed to allowed as a last resort. So why are so many people being approved to use it for dental work?

April

New superannuation tax may hit venture capital

SMSFs will shy away from investing in start-ups for fear of being slugged with big tax bills on unrealised gains.

March

It’s worth adding that the ATO recommends using an independent valuer when the valuation is complex,

Be careful with property valuations this SMSF audit season

Property valuations are becoming more problematic and will attract the attention of the Tax Office.

February

SMSF portfolios are positioned for capital preservation – and avoiding sleepless nights.

Proof that SMSFs outperform when markets tank

SMSFs beat regular funds by 4.1 percentage points in the 2021-22 financial year.

January

Farmers use Incitec Pivot’s nitrogen and phosphorus-based fertilisers to grow pastures and food.

These families will switch inheritance plans after new $3m super cap

The taxing of unrealised capital gains has become such a red-hot issue that many are looking at new strategies for intergenerational planning.

December 2023

These three steps would help you leave some of your super to charity

Policy settings need to be changed to help SMSFs – and other super fund members – be more active philanthropists.

The Quality of Advice report largely left accountants out in the cold.

Accountants the ‘big omission’ from financial advice overhaul

Accountants represent a pool of specialists ideally placed to fill the crucial financial advice gap, but they have been largely ignored.

October 2023

There are situations where this new tax would fail to “claw back” the tax concessions as presumably intended for individuals with very large super balances.

How you can have $20m in super and dodge the new $3m tax

Clawing back concessions for high-wealth individuals may fail. A deeming rate applying to everyone could be simpler and fairer.

October 2023

Why you should worry about new super tax – even with less than $3m

These two worked examples show how the taxing of unrealised capital gains can have unintended consequences.

September 2023

How family super funds can boost wealth

New rules that allow SMSFs six members rather than four offer opportunities for transferring assets to the next generation, as well as boosting contributions.

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July 2023

The new rules are a bit like the Clint Eastwood movie The Good, The Bad and the Ugly – with an emphasis on the last two.

Trustees trapped in nightmare of new expense rules

There have been changes to “non-arm’s-length expense” rules for SMSFs - and they’ve become a total headache for trustees and advisers.

June 2023

Many agricultural properties are held in a self-managed super fund.

$3m super tax cap will hit farmers’ finances

Agricultural landowners are often asset rich and cash poor – which is why they will be gravely disadvantaged by the proposed $3 million cap on super balances.

May 2023

Before triggering the bring-forward cap in 2022-23, it’s worth remembering that the general transfer balance cap (TBC) will be increasing to $1.9 million at July 1, 2023.

Do this after June 30 and you could boost your super by $110,000

Getting the timing right on contributions is just one of a host of things self-managed super fund members need to do before the end of the tax year.

April 2023

Adding back deferred tax liabilities can be material, particularly for super fund members who have experienced long-term capital growth on fund assets.

One of these four things could push you over the planned $3m super cap

Capital gains tax liabilities and a sudden surge in asset prices just before June 30 are just two of them.

March 2023

The reality for today’s 30-year-old is that a $3 million cap will be worth about $1 million when they leave the workforce.

Think new $3m super cap won’t affect you? Here’s how it could

Unintended consequences could include insurance payouts, non recourse property loans and even death benefits.

Original URL: https://www.afr.com/by/peter-burgess-p4yvxw