Welcome Matthew McConnell, Senior Financial Adviser

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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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Farm Management Deposit (FMD) scheme changes: What they mean for Tasmanian farmers

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The Farm Management Deposit (FMD) scheme allows farmers to set aside primary production income in years of high income, to draw on in leaner years. The deposits are an excellent cash flow planning tool and an important strategy for primary producers to consider in their tax planning. They help farmers build up cash reserves while smoothing fluctuating income, maximising profits and minimising tax liabilities.

Effective 1 July 2016, the government introduced several amendments to the FMD scheme. The changes give farmers more flexibility in managing their businesses and mean that FMDs should be back on the table during the upcoming tax planning season.  In this article we look at two of the changes that we see as particularly relevant to our Tasmanian farming community.

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7 SMSF trustee responsibilities you must understand

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Running your own self-managed super fund (SMSF) can provide a great means of managing your retirement savings, with the potential for more control, greater choice and lower costs. In fact, more than one million Australians are now members of an SMSF.

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When can your SMSF benefits be paid?

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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.

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How does SuperStream affect your SMSF?

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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.

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SMSF limited recourse borrowing arrangements

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Do you understand when your self-managed superannuation fund (SMSF) can borrow and when it can’t?

Generally, SMSFs are not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.

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Does your SMSF need an Actuarial certificate?

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An Actuarial certificate is a statement provided by a qualified actuary to confirm the proportion of an self managed superannuation fund’s (SMSF)  income that should be exempt from income tax. The tax treatment of a fund depends on whether it is in accumulation or pension phase, or a combination of both.

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Time to wind up your SMSF? Your list of dos and don’ts

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There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF).

It’s always a good idea to start by sitting down to read your trust deed, as it may contain vital information about winding up your fund. Remember, once a fund is wound up, it cannot be reactivated.

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How to give your SMSF a boost in retirement

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While providing income for retirement is the obvious purpose of a pension paid from a self-managed superannuation fund (SMSF), there are some issues to think about before drawing a pension from your SMSF.

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5 steps to successful succession planning

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While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality.

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