Switching or consolidating super funds can be risky business

Super fund members are regularly encouraged to consolidate their super accounts into one account to reduce paperwork and avoid paying multiple administrative fees and charges for accounts they don’t need.

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Six tips for SMSFs investing in property

As a Self-managed Super Fund (SMSF) trustee you might, at some stage, want to invest in property as part of your fund’s investment strategy.

Before you do, you should fully consider the risks associated with property investment. Holding a “real property investment” can affect other aspects of your fund, such as benefit payments, and any investment must comply with superannuation laws.

Here are 6 issues to consider before your SMSF makes a property investment:

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What really matters?

Xerocon2018 brought us several sessions that asked us to think about the way we think. They were an excellent, and timely, reminder for me of what’s important in my life.

With a young family, I’ve found myself at one of those times in life when it’s valuable to pause a moment. To check that you understand your priorities. Because they change over time. And sometimes a significant event, or a minor event, a comment, a chance meeting, or a speaker at a conference can trigger reflection.

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Transferring Business Property into Your Self-Managed Super Fund

If you are a business owner with a self-managed super fund (SMSF) there are plenty of reasons why you might consider transferring your business property into your SMSF.

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What is Adjusted Taxable Income and why do you need to know?

If you apply for certain tax offsets, concessions or government benefits, you may be asked to provide your “adjusted taxable income” (ATI).

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Personal superannuation changes you need to know about

Let’s talk about superannuation – it’s one of our favourite topics!

Okay, you might not get as excited about superannuation as we do. But there are a number of recent changes to the tax treatment of super that we think you should be aware of.

To help you get the most out of your retirement savings and avoid any unexpected pitfalls, we’ve outlined some of the major developments here.

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Tax Planning for Primary Producers

‘End of financial year’ is a big deal for us accountants. With the intensity of the annual budget, tax lodgement due dates, and FBT deadlines all easing towards the end of June, we’re well and truly ready to relax a bit … maybe even welcome in the new financial year with a wild office party and NFY-eve countdown…

The other thing we love doing around this time of year is tax planning!

And the last few federal budgets have included some serious concessions for primary producers. We’ve listed below a few of the key tax planning opportunities for primary producers, and outlined some of the changes that have been made over the past few years.

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What Labor’s changes to the dividend imputation system mean

There has been much discussion about the dividend imputation system in recent weeks as the government and the opposition play political tennis with franking credits.

On 13th March, Opposition Leader Bill Shorten announced Labor’s plan to change the dividend imputation system if they win the next federal election. The changes would make franking credits non-refundable and, Labor claims, save the budget $59 billion over the decade to 2028-29.

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Welcome Matthew McConnell, Senior Financial Adviser

We are thrilled to welcome another highly skilled adviser to our team!

Matthew McConnell joins us as a Senior Financial Adviser. Based in our Devonport office, he will provide financial planning services to our clients throughout Tasmania.

“I am looking forward to helping Synectic’s clients identify and achieve their personal, family and business goals. It’s important to me that I provide clients with information to clearly understand their options. Synectic provides a great match for this service philosophy”.

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2017-18 Federal Budget: Superannuation

Despite no major new superannuation measures in the 2017-18 Federal Budget, the Government continues to tinker with Superannuation rules. In particular, the introduction of the $300K additional non-concessional contribution for older downsizers creates an exception to the recently-introduced Total Superannuation Balance $1.6m cap, and the concessions for first home-buyers to use super to save for a deposit sends mixed messages about the purpose of superannuation.

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