Running a B n b using Your SMSF

By |2025-01-08T16:39:24+11:0008/01/2025|Categories: Blog, Estate Planning, small business, SMSF, Trade & construction|

Many ask if it is possible running a B n B using your SMSF? The allure of a coastal property. The sound of waves crashing, stunning sunsets, and the potential for lucrative rental income and capital growth. These are all good reasons to invest in coastal real estate. If you have a Self-Managed Super Fund (SMSF), you might wonder whether such an investment could fit within your retirement strategy. The short answer is yes, but with a few critical hurdles to navigate. The Vision vs. The Rules Picture this: a charming beach house listed as an Air BnB, earning a [...] READ MORE

Carry Forward Concessional Contributions Tax Planning Strategies for 2025

By |2024-12-31T10:20:16+11:0031/12/2024|Categories: Estate Planning, Services accounting for small business, SMSF, Taxation|Tags: , |

Carry Forward Concessional Contributions can assist in your tax planning strategy for 2025 . As a small business owner, navigating the tax landscape can save money and help you grow your financial future. One area worth exploring is carry-forward concessional contributions. This tax strategy enables you to boost your retirement savings while potentially reducing your tax liability, especially for those in their 50s who have not had sufficient cash flow to contribute in the past. We also use the strategy for those one of big tax bills, such as capital gains, that can sometimes help dilute your tax bill. What [...] READ MORE

Investing in Cryptocurrency by my SMSF

By |2024-12-07T12:35:51+11:0007/12/2024|Categories: Blog, Estate Planning, SMSF|Tags: , , , , |

Investing in Cryptocurrency by my SMSF is becoming an attractive option for many. With the growing interest in cryptocurrency as an asset class, many SMSF (Self-Managed Superannuation Fund) trustees are exploring the potential of digital currencies like Bitcoin and Ethereum to diversify their portfolios. While Crypto can be an exciting investment, managing it within an SMSF has unique challenges and compliance requirements. Cryptocurrency investments in an SMSF environment raise issues such as trust deed considerations, compliance, storage methods like cold wallets, and how to sell crypto assets effectively. Whether you're just starting or looking to refine your approach, these insights [...] READ MORE

Do I need an SMSF Trustee succession plan?

By |2024-03-17T22:00:53+11:0017/03/2024|Categories: Blog, Estate Planning, SMSF|Tags: , , |

Creating a robust SMSF trustee succession plan is critical for Self-Managed Super Funds (SMSFs) managed by aging trustees. An effective succession plan ensures the smooth transition of control and management of the SMSF when the original trustees are no longer able or willing to manage the fund due to age, health, or other reasons. A trustee succession plan must encompass preparation, clear communication, and legal compliance. Understanding SMSF Trustee Succession SMSF trustee succession plan involves preparing for the future management of the SMSF, ensuring it continues to operate effectively and complies with Superannuation Industry (Supervision) Act 1993 (SIS Act) requirements. [...] READ MORE

Divorce and your Business

By |2024-02-23T14:45:08+11:0022/02/2024|Categories: Blog, Dispute management, Estate Planning|Tags: , , |

Navigating the Challenges and Moving Forward Divorce and your business. It can be a difficult and emotionally challenging process, and when a small business is involved, it adds another layer of complexity. A failed marriage may not directly cause a business to fail; it can significantly impact the business. Let's explore where husband and wife work daily together in the business and where the wheels fall of the marriage. The intersection of personal and professional lives can create unique challenges for couples who decide to end their marriage while still running a business together. According to the website Marriage.com, it [...] READ MORE

SMSF for Property development ventures and your SMSF

By |2024-02-13T17:31:03+11:0030/01/2024|Categories: Blog, Estate Planning, SMSF|Tags: , |

SMSF for Property development undertaken by an SMSF can be undertaken. We however strongly recommend seeking advice.ATO has issued a warning about relates to the use of SMSFs to invest in property development in a manner that inflates the profits earned by the SMFSs when compared to the capital the SMSF commits to the venture. Can my SMSF invest in a property development? An SMSF can as part of its investment strategy invest in property ventures. This is provided the investments are entered into on a genuine arm’s-length basis. As trustees, you should document your strategy including a risk analysis [...] READ MORE

Gifting assets to a family trust

By |2024-09-27T15:08:02+10:0030/01/2024|Categories: Blog, Estate Planning, Taxation|Tags: , , |

Gifting Assets to your Family Trust or transferring property to a trust protects your investments and assets by placing them in a Trust Environment! Let's explore why you would transfer a property into a Trust or just give money to your Trust! There are many opportunities for this. For a start a Family Trust is great for tax planning. Many of us establish a Family Trust for asset protection and to ensure our assets are correctly passed on to the next generation. Your Family Trust should be the hub of your investments allowing for flexibility and control of your family [...] READ MORE

Understanding Superannuation Death Benefits

By |2024-02-19T13:02:41+11:0012/11/2023|Categories: Estate Planning, SMSF, Taxation|Tags: , , |

Superannuation Death benefits are an estate planning matter that is a crucial aspect of financial planning.It is essential to consider what happens to superannuation upon death.Understanding the intricate system of superannuation death benefits is essential for effective financial planning and ensuring that your loved ones are taken care of. When a superannuation member dies, the remaining balance in their super fund and any associated insurance payouts are generally paid out as a superannuation death benefit. This benefit is intended to provide financial support to the deceased member's beneficiaries, including their spouse or partner, children, or other dependents. However, the distribution [...] READ MORE

Our Guide to Managing a Deceased persons Tax Return

By |2024-03-17T22:09:17+11:0017/07/2023|Categories: Blog, Estate Planning|

Lodging a final Deceased persons Tax Return is one of the important things to do when managing someone's final affairs. Dealing with the loss of a loved one is a deeply emotional and challenging time. Beyond grief and sorrow, there are often a number of administrative tasks to navigate. One of these tasks is managing the deceased person's tax return. It's a task that can seem daunting, especially if you're unfamiliar with the tax system. However, understanding the process can make it less overwhelming. We as Accountants that specialise in this area can help.In the Australian context, the taxation obligations [...] READ MORE

Estate Planning and SMSF : Leveraging the Power of SMSF

By |2024-02-19T15:17:18+11:0029/04/2023|Categories: Blog, Estate Planning|Tags: , |

Estate planning and SMSF can play a large role when it comes to Estate planning, which is an often-overlooked aspect of financial planning when executing your Will, superannuation, and wishes. Estate planning determines how your assets will be distributed once you pass away. However, estate planning can be complicated and overwhelming, which is why Self-Managed Super Funds (SMSFs) have become popular. SMSFs are a powerful tool for estate planning and managing your retirement savings.Whether you're new to estate planning or simply looking for a more efficient way to manage your assets, leveraging the power of SMSF can help you achieve [...] READ MORE

SMSF and commercial property

By |2024-02-19T15:58:23+11:0002/10/2022|Categories: Blog, Estate Planning, SMSF|

SMSF and commercial property is an investment often held by an SMSF and is a good strategy. Is holding your business premises, Factory or shop in an SMSF a good strategy? Allowing your SMSF to hold your business real property is a fantastic opportunity for the small business owner to isolate its business asset from the main trading company. It also means you can become a long-term tenant of your SMSF. There are some distinct advantages for both estate planning and long-term protection strategies of your asset in an SMSF. Any property strategy it must be done properly and there [...] READ MORE

Downsizer contribution eligibility to be lowered to age 55

By |2024-02-19T16:28:18+11:0008/08/2022|Categories: Estate Planning, News for you, SMSF|Tags: , , |

The downsizer contribution is an after-tax contribution. Therefore when it hits your SMSF or super fund, no tax is payable on the way in. It also means upon retirement, and it can be paid as a benefit. A benefit that is returned tax-free when you withdraw the funds from your SMSF Legislation passed Last week parliament passed legislation, resulting in the downsizer contribution to allow house owners over the age of 55 to access this strategy. The lowering to age 55 is expected date for the enactment would be later this year (2022) Downsizer contributions help you to increase your [...] READ MORE

Acting as an SMSF Trustee and incapacity!

By |2024-09-28T14:42:04+10:0015/04/2022|Categories: Estate Planning, SMSF|Tags: , , |

SMSF Trustee role needs to be considered in your Estate planning Acting as a SMSF Trustee and incapacity are crucial issues to consider in running an SMSF. Have you considered what happens when something goes wrong, and you  in a position to run your SMSF? Control is one of the main reasons many establish an SMSF. As an SMSF Trustee, you can control your own SMSF. You as the SMSF Trustee and member can control how the Funds' investments and the strategy on how and where. What happens if you can't do it anymore? What happens if things go [...] READ MORE

Estate planning and documenting your future.

By |2024-02-20T16:36:05+11:0031/03/2022|Categories: Blog, Estate Planning|Tags: , |

Estate planning for the living! Many of us go through life not thinking about the end. Many often think do I need a will? Many don’t bother! We start life naked with nothing and we end up leaving an imprint on this earth that others must follow. Telling others how you want what you have accumulated in life is important Wills establish wishes after death and are essential for estate planning The chances are that you may have wishes about who gets the large loot of assets and possessions. These assets you have accumulated in your lifetime. Or you may [...] READ MORE

What happens to my business when I die?

By |2024-02-27T15:44:12+11:0029/01/2022|Categories: Blog, Estate Planning|Tags: , , |

When I die what happens to my business and my affairs? Will my business continue or just stop? If you were running as a sole trader and you die, in most cases, your legal personal representative will step in . It is their role to manage your business. They can assess if the business needs to be wound up, sold or transferred to a beneficiary. Your business asset forms part of the assets of the estate. Therefore legally executed will , can help give certainty to your wishes. Many clients are unsure of the process of what happens once they [...] READ MORE

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