February 2025 Newsletter

By |2025-02-04T19:20:05+11:0004/02/2025|Categories: Blog, News for you, Services accounting for small business, small business, SMSF, Taxation, Trade & construction|Tags: , , , , , , , , , , |

  Our February Newsletter is packed with insights to help you navigate the year ahead, keeping you informed about key tax, financial and superannuation changes that may affect you.   Articles include:   Seven changes impacting your super in 2025 Rental data matching by the ATO Coalition election announcements Super and hardship: a safety net in financial difficulty ATO confirms tax deductibility of financial advice fees   Click here to download our February Newsletter     Contact us on 03 9597 9966 if you have any questions relating to matters raised in any of our Client Newsletters.    

Transferring XRP to your SMSF

By |2025-01-23T07:54:28+11:0023/01/2025|Categories: Blog, SMSF|Tags: , , |

With Trump's era now in full swing, crypto  such as XRP is enjoying growth. We have had a few queries lately about moving the client's crypto from their own name into a family trust or SMSFTransferring cryptocurrency, such as XRP, into your Self-Managed Super Fund (SMSF) can be a strategic way to align your digital assets with your retirement goals and manage capital gains. However, it requires careful compliance with Australian Taxation Office (ATO) regulations and documentation. Here's how to approach the process in a compliant and seamless manner.The first step is to ensure that your SMSF’s trust deed allows [...] READ MORE

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

December 2024 Newsletter

By |2024-12-17T14:18:04+11:0017/12/2024|Categories: Blog, small business, SMSF, Taxation, Trade & construction|

Our December Newsletter is packed with helpful articles for the festive season and beyond. As year-end celebrations approach, our first article explains the tax rules around Christmas expenses for business owners. We cover FBT, GST credits, and what’s tax deductible, so you can avoid any surprises. We explore claiming self-education expenses. While these costs are usually tax deductible if they relate to your work, there are some exceptions to be aware of. We also share “12 super tips for a merry and bright retirement.” These simple steps can help you get the most out of your super and build a more secure future. For [...] READ MORE

November 2024 Newsletter

By |2024-12-17T14:13:28+11:0017/12/2024|Categories: Blog, small business, SMSF, Taxation, Trade & construction|

Our November edition features pieces on:   How taxable is that side hustle? The black hole of CGT and trusts What we know so far about payday super What tax receipts do I need to keep? Super on parental leave pay is now law   Enjoy reading our Newsletter here:  GARTLY-November-2024   Contact us on 03 9597 9966 if you have any questions relating to matters raised in any of our Client Newsletters.

October 2024 Newsletter

By |2024-12-17T14:10:10+11:0017/12/2024|Categories: Blog, small business, SMSF, Taxation, Trade & construction|

Our October Newsletter features pieces on:   Making contributions later in life What is the right business structure? Selling a property with mixed rental and residential use Comparing SMSFs with other super funds The dangers of failing to declare income or lodge returns   Our Newsletter can be found here: GARTLY-October-2024   Contact us on 03 9597 9966 if you have any questions relating to matters raised in any of our Client Newsletters.

September 2024 Newsletter

By |2024-12-17T14:05:54+11:0017/12/2024|Categories: Blog, small business, SMSF, Taxation, Trade & construction|

Our September Newsletter features pieces on:   Who is a spouse under the tax laws, and why does it matter? Riding the market waves Take care if you sell your home after leaving Australia Separation and divorce: CGT consequences…and relief Setting up an SMSF: Who can join the fund? “Debt recycling”…flavour of the month   Please read our Newsletter here: GARTLY-September-2024   Contact us on 03 9597 9966 if you have any questions relating to matters raised in any of our Client Newsletters.

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

Early access to smsf superannuation when facing business stress

By |2024-09-25T13:00:43+10:0024/09/2024|Categories: Blog, Exit Planning, Services accounting for small business, SMSF|Tags: , |

It might be tempting as a business owner to take early access to smsf and superannuation.  As the economy gets tough for many small business owners, keeping the doors open can feel like a tightrope between survival and financial disaster. With this in mind business owners who also run their own SMSF are faced with these pressures, and it's tempting to access these funds. This may lead some to consider early access to smsf superannuation using the benefits of their Self-Managed Super Funds (SMSF) to keep their small business going.However, before considering this, you must grasp the serious legal and [...] READ MORE

2024 tax planning questions frequently asked

By |2024-05-01T10:53:42+10:0001/05/2024|Categories: Blog, News for you, Services accounting for small business, SMSF, Taxation|

Questions 2024 tax planning from our clients Here are some of the hot 2024 tax planning questions we have received this year about tax and 2024 tax planning. Please let us know if we can help you in any way. What are the changes in Australian tax rates for the year 2024? In 2024, the Australian Government will implement legislated tax cuts to ease the cost of living for taxpayers. Starting from July 1, 2024, these cuts will lower the 19% tax rate to 16% and the 32.5% tax rate to 30%, affecting all 13.6 million Australian taxpayers. What are [...] 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

Super Contribution Caps 2024-25

By |2024-09-23T19:20:52+10:0023/02/2024|Categories: Blog, SMSF|Tags: , |

Good news for the Super contribution caps 2024-25 have been released. The government has announced that from 1 July 2024, the standard  superannuation concessional contribution cap will increase from $27,500 to $30,000 Concessional superannuation contributions are any contributions paid into your superannuation that receive a concessional (or lower) tax rate. These contributions are contributed from earnings that have not yet been taxed. Concessional contributions are sometimes referred to as before-tax contributions. Of course, in some circumstances, you may be able to contribute more in that year than the cap. Use the carry-forward rule if your super balance is less than [...] 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

Selling my commercial business property!

By |2024-02-12T16:09:36+11:0010/01/2024|Categories: Blog, Exit Planning, Services accounting for small business, SMSF|Tags: , , |

How do I sell my commercial business property? When selling your business, your business operations and HQ are an essential and strategic part of your business. Most businesses operate from a premise of some sort, so when it comes to exit planning, your decisions on what to do with your business premises is equally important as one of the essential items that require serious discussion and planning. When it comes to planning, the first thing to do is to review how and what you use your office, factory shop, etc., as part of the business on a day-to-day basis. For [...] 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

Is an SMSF setup right for you?

By |2024-02-19T15:54:04+11:0021/02/2023|Categories: Blog, SMSF|Tags: , , , |

Deciding to implement an SMSF setup is something that needs a plan if undertaken.We are observing that our clients are taking the opportunity to review their Superannuation and retirement goals, The markets are changing, and people are beginning to plan for their retirement strategy. We are receiving several questions from clients asking whether, given the current market fluctuations of their investment in the superannuation, it is a great time to take charge of your own Superannuation. Some are evaluating if it is a great time to take control by setting up a new Self-Managed Superfund, commonly known as an SMSF. [...] 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

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