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Some time ago, changes to the rules regarding in-specie transfers of listed shares from a member into their SMSF were proposed. The effective date was originally to be 1 July 2012 but it was later announced that the effective date would be moved to 1 July 2013.
This means that until 1 July 2013, you are able to prepare an off-market transfer to move listed shares that are currently in your own name into your SMSF (provided they are within the contribution limits).
If you are an employer who provides benefits to your employees (including cars, mobile phones, entertainment such as Christmas parties etc), you need to consider the Fringe Benefits Tax (FBT) implications for the FBT year which ended on 31 March 2013.
Many of us make contributions to super at this time of year to take advantage of the concessional tax treatment.
However, it is important that when a personal contribution is made, a Section 290-170 notice is given to the super fund to advise them of your intention to claim a tax deduction for the contribution you have made.
From 1 July 2013, the Superannuation Guarantee Charge will increase from 9% to 9.25%. It will continue to increase progressively each year until 2019 when it will reach 12% of an employee's earnings.
What businesses need to consider now is how you are going to manage this change. This means identifying how your systems will need to be updated to calculate super using the new rate, and also how the increased superannuation costs will be managed.
Last Friday, the Government announced a number of reforms designed to improve the fairness, sustainability and efficiency of the superannuation system. A brief summary of the announced changes follows.
It is important to note that the legislation to implement these proposals will not be tabled before parliament until after the election in September, and will therefore presumably require the return of the current Government.
How these proposed changes will affect you will depend on your personal circumstances. In some instances the proposals will result in little or no changes. However, for others, the changes may be significant. If you wish to discuss your situation and how you will be affected by these reforms, please contact our office.
These days, many banks are offering loans with easy access to redraw facilities or lines of credit when borrowers purchase a home or rental property. While these facilities enable you to easily borrow more money at any time, they can have significant tax implications. In fact, with the incorrect structure, a rental property loan that is 100% tax deductible today, can be 0% deductible in just a few years. And....this CAN'T be fixed!
The short answer to this question is.....it depends....
We have all heard conversations at a BBQ where Uncle Reg is telling anyone who will listen that he put his car in his company and he is much better off...so that's what you should do too! But in reality, it is not always as simple as that.
These are some of the hot issues at many a Sunday afternoon BBQ....and people's views can be very conflicted. The primary reason for differing opinions is simply that everyone's situation is different. But what is not different is the question everyone should ask themselves in the first instance...."do I want to donate to charity/buy a car/buy a property for financial or goodwill reasons?". Tax savings must ALWAYS be a secondary consideration - and the reason for this is simple.
A number of changes to superannuation have been proposed over the last few months, leading investors to wonder whether having their money inside super is still the better option.
Starting a new business these days can be as simple as spending 15 minutes on your iPad applying for an ABN and ordering some cheap business cards. In fact, you can probably do this for less than the cost of a Happy Meal! But there is much more to it than that...particularly if you want to have a chance of survival, much less success!
General Advice
The information provided by PWA Financial Group Pty Ltd and PWA Financial Services Pty Ltd is general advice only and does not take into account your personal circumstances. Please contact your Accountant or Financial Planner to discuss your personal situation before relying on this information.
PWA Financial Services Pty Ltd is a Corporate Authorised Representative of Infocus Money Management. Infocus is majority owned by its management team. They are not aligned to any of the Big 4 Banks. When you talk to your Financial Planner, you can be sure they will be recommending investments that suit your financial needs and objectives – not those of the Big Banks.
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| Phone: | 07 5436 0300 |
| Fax: | 07 5436 0399 |
| Address: | 12 Baldwin Street, Caloundra |
| Postal: | PO Box 237, Caloundra, QLD 4551 |
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| Office: | Monday-Friday 9:00am to 5:00pm |
| ABN: | 43 659 242 106 |
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