Entries by synecticgroup

When can your SMSF benefits be paid?

The money put aside in your self-managed superannuation fund (SMSF) is, of course, intended to be kept to fund the retirement of you and your fellow fund members. The over-riding obligation of you as trustee is to adhere to this “sole purpose” test.

2016 Synectic UTas “Scholarship in Business” winner

Synectic wish to congratulate Monique Lindridge, University of Tasmania (UTas) recipient of the 2016 Synectic “Scholarship in Business”. The annual scholarship is made available to a student entering the second year of an undergraduate Business degree. In recognition of the long heritage of our firm in the Devonport region the student must originate from North-West Tasmania, however may be attending any of […]

Rental properties: claiming for “repairs” or “improvements”

The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term “initial repair” being commonly used when discussing […]

Tasmania’s promising economic growth

Tasmania’s economy has grown equal-second fastest in Australia in the December 2015 quarter – equal with New South Wales (0.6%) and second only to Victoria (0.8%) – according to state final demand Trend figures released by the Australia Bureau of Statistics (ABS) this week. Seasonally adjusted figures also show solid growth (0.7%), placing Tasmania fourth […]

How does SuperStream affect your SMSF?

SuperStream is part of the Government’s Stronger Super initiative and introduces a more efficient method of sending superannuation payments and associated information in the superannuation system. Measures have been progressively coming into place since July 2014.