Stage 3 Tax Cut Changes

As there will be much emotive media comment on the Government’s decision to make changes to the stage 3 Tax Cuts, I thought it might be useful to show what this means to the numbers for the next financial year. Annual Income Morrison Stage 3 Albanese Stage 3...

When is a Dependant Not a Dependant?

I recently considered a case where the SMSF trustees wished to pay a superannuation death benefit to the former spouse of the deceased. This created an issue as the definition of a dependant is slightly different for: who the SMSF can pay a death benefit to...

Could Death Benefit Tax Have Been Avoided?

A recently released private binding ruling PBR 1052179436983 confirms our conclusions regarding QC 42473 and QC 45254. A member, facing imminent death, instigated a member withdrawal, which due to reasonable administrative processes, was not paid out of the fund until...

A Matter of Respect

Senator Andrew Bragg, as quoted in Investor Daily, makes some interesting points regarding Industry Funds including that such funds made record donations totalling $12.9 million in the 2021 financial year to trade unions. I’m at a loss to understand how this is not a...

Can an SMSF Own a Car?

A car can be owned by an SMSF but, as it’s classed as a personal use asset, it’s subject to significant restrictions. Notably it can’t be an in-house asset as it can’t be leased to a related party. It must be a genuine investment made for genuine retirement...

Div 296 ($3million Cap) Tax

As part of our contribution to the ongoing discussion of this proposed tax we have prepared a modelling tool for your use. We hope you find it instructive..