Clients with self-managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
The golden rule for acquiring assets inside your SMSF is why? To be compliant, your fund must be maintained for the sole purpose of
providing retirement benefits to members, or to their dependants if a member dies before retirement. The sole purpose test (section 62 of
the Superannuation Industry (Supervision) Act 1993), is your starting point. If the collectible you are looking to acquire does not
fulfil this purpose, then you have an immediate problem.
Let’s assume you are looking to acquire vintage cars. The question to ask is, is the acquisition a viable investment or simply a desire of
the members to own vintage cars. Does the investment ‘stack up’ relative to other forms of investment to build/protect the retirement
savings of members?
WEBINAR 11 SEPT // 12PM
The final session focuses on the changing legal environment, highlighting recent amendments to the Fair Work Act, capturing independent
contractors under workers' compensation schemes, payroll tax considerations, superannuation compliance, and practical steps to mitigate
risks.
WEBINAR 4 SEPT // 12PM
In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and
bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.
WEBINAR 28 AUG // 12PM
Master allowances and reimbursements, understand their PAYG and super guarantee implications, and learn to navigate travel vs.
living-away-from-home allowances. Gain insights into FBT considerations, new ATO record-keeping requirements, and effective salary packaging
arrangements.
Building on the findings from Xero Small Business Insights (XSBI) report, Small business productivity: Trends, implications and strategies, this special report presents industry and regional labour productivity data for small businesses.
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.