Transition of Retirement Income Streams


 

When an SMSF member decides to transition to a retirement income stream (TRIS), it’s imperative to know the legislation and correct procedures. 

Commencing a TRIS
Steps to commencing a TRIS as stated on the ATO website:

  1. Establish the amount of benefits, assets and liabilities a member has in their SMSF;
  2. determine the amount of each preservation class of benefits the member has;
  3. if the member commences a TRIS with an amount less than their total super benefits, you can allocate the preservation classes of the member's benefits to the TRIS; and
  4. upon commencing to pay a TRIS, you must determine the amount of the tax-free and taxable components of the separate interest.

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SMSF Compliance Traps with Bitcoin and other Crypto Currencies


With bitcoin prices surging by 1,000% in the last 12 months, we are seeing a growing number of SMSF holders investing in the cryptocurrency. It is important that Auditors and Practitioners are aware of the compliance traps associated with bitcoin to ensure they manage their SMSF’s correctly.

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How Will Downsizer Contributions Work for SMSFs?


As of July 1, 2018, downsizer contributions for super funds will come into effect.

The following steps are required for an SMSF member to be eligible:

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Transfer Balance Cap Explained


A transfer balance account is how the ATO track super transactions and amounts during a person’s retirement phase. The amount in your clients transfer balance account will determine whether or not they have exceeded their transfer balance cap. The limit on the amount someone can hold in retirement phase is currently (in 2017-2018) is $1.6 million.

It’s important to note that clients will begin to have a transfer balance account from the 1st of July 2017 if they are already receiving a retirement phase income stream at the end of June 2017. Otherwise, it will be on the day they first commence receiving a retirement phase income stream.

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Legislative Changes for Personal Super Contributions


There have been a number of important legislative changes regarding personal super contributions that have come into effect from July 1st, 2017. As an advisor or administrator, keeping up to date with these changes allows you to provide the best services possible to your clients and ensure they are getting the most from their self-managed funds.

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