The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of
self-managed superannuation funds (SMSFs).
In general, access to your super is only possible if:
Early access to superannuation is only possible in very limited circumstances such as terminal illness, permanent incapacity, and severe
financial hardship and there are very strict protocols to follow before any amounts are paid out.
One of the benefits of an SMSF is the control that it provides to members. The flip side of full control is the temptation to dip into the
super account and approve transfers without proper controls.
There are two common ways illegal early access occurs:
Illegal access to the SMSF’s account or assets is not difficult to identify and generally will be picked up by your auditor. Where illegal
access has occurred, not only is it likely that your retirement savings have been lost or impaired, but you are likely to face additional
tax, penalties and interest, and be disqualified as a trustee. In addition, your name will be published online.
One of the signs that there is a problem is when SMSF annual returns are not lodged on time or at all so ensure you are up to date with your
SMSF compliance.
If you’re looking to purchase business equipment, vehicles or just looking to better manage your short-term cash requirements, asset finance can be a big advantage.
Service stations were some of the strongest performing assets, with transactions up 50 per cent during 2022.
The record run of industrial rent growth is finally showing its first signs of easing after posting a 23 per cent rise in 2022.
The latest innovation to take the world by storm is ChatGPT, and its ability to work with the Australian tax system.
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions.
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.
The downside of not taking time out for your strategy is that there is a tendency to keep a short-term. Sometimes in the process, this short-term focus undermines longer term value and returns.
SMSF loan is the possibility of getting a better interest rate to save more money. You could save thousands more if you refinance to a lower rate SMSF loan.
Buying your first home can be exciting and overwhelming at the same time. We have provided this guide to assist you in preparing for the home buying journey and we will be here with you, every step of the way.
Our Borrowers Guide to Construction Loan has been designed to assist you gain a better understanding of how the lending process works
for building and construction.
The amount you can borrow will depend on several factors and is another reason why it is important to engage your Mortgage Broker in the
process before you are wanting to buy land or build.
Our Borrowers Guide to Lending has been designed to assist you gain a better understanding of how the lending process works.
The mortgage process can be overwhelming and confusing at times, but when you understand the basic process, you will be much more prepared.
Rebalancing is a clever way to keep your superannuation fund investments in order.
The good news is that you may be able to use some of your home equity to boost your super and help fund your life in retirement.
Falling property prices and rent hikes mean the average income earned from residential property has risen.
ONLINE Webinar
19 January 2023 @ 12:30 - 1:30pm
Phase 2 STP will be the compulsory way to process Xero payroll as of March 2023.
Increasing gross rental yields. Falling property prices combined with rent hikes means the average income earned from residential property, as a percentage of property values, has risen.
Smart Business Solutions chief executive Shannon Smit, winner of SMSF Adviser of the Year award, talks about the evolution of her business and shares her insights on complex SMSF planning issues.
This video offers a Xero how-to on the latest details of the compulsory STP (Single Touch Payroll) Phase 2 rollout including Pay Item Transition.
This video offers a Xero how-to on the latest details of the compulsory STP (Single Touch Payroll) Phase 2 rollout including Leave Transitions.
Changes are coming about how you manage Xero payroll with Single Touch Payroll (STP) Phase 2. This video explains how to manage Employee Transition in STP Phase 2.
Summer is a great time to list and a sell a home as buyers have been thinking about property over the summer.
When new couples start living together one of the first things they need to consider is how they will manage their finances.
A great way to deal with the post-Christmas financial hangover is to look at different ways to consolidate your debts.
Giving peace of mind and a sense of direction and calm is one of the greatest gifts that we feel privileged to offer our clients.
Getting a good grasp of your business’s cash flow situation will help put you in a strong financial position.
Commercial office assets represented 34.2 percent of all commercial property sales during 2022, up from 27.2 percent last year.
The commercial property sector continues to grow. 2023 is shaping up well with a range of opportunities for investors.
.png)
You will be amazed in this race against time to reach the finish line. Welcome to The Amazing Race memoir - Smart Business Solutions 2022 End of Year Team Building and Christmas party.
The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022.
If you are required to but have not yet applied for your ID, you should seek an extension immediately.
The most effective way of sharing Christmas joy with customers is not necessarily the most tax effective.
In many instances, businesses might need to wait 60 days or more to get paid, which can put a strain on the business's cashflows.
.jpg)
While conditions for retail tenants have been tough during lockdowns, the luxury end of the market and certain sectors continue to perform strongly.
After a record-setting few years, industrial property has continued to perform strongly throughout 2022.
A car loan is a great way to purchase a vehicle when you don’t have all the money to pay for the car upfront.
Getting your finances organised well in advance is one of the most important stages of the auction procesS.
Many lenders will offer competitive interest rates to new customers as well as other incentives that could save you money.
Purchasing a property is a big decision and it’s important to determine the best location to buy that will give you the best return over time.
| The Fair Work Commission (FWC) has handed down its 2026 Annual Wage Review, and the numbers are in. From 1 July 2026, the national minimum wage will rise by 5.97%, and modern award minimum rates will increase by 4.75%. |
Now's the time to review what strategies you can use to minimise your tax before 30 June.
.png)