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Compensation & Contribution Rules for Super Funds/SMSFs: When a Super Fund or SMSF receives compensation from a financial service provider, the tax treatment and classification of the payment depend on the circumstances.If the fund engaged the provider and has the right to seek co ...
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In today’s complex financial landscape, maintaining compliance and transparency in financial operations is crucial for businesses and individuals. General audits and Self-Managed Super Fund (SMSF) audits are essential for ensuring that financial records meet regulatory standards and are free from ...
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Understanding SMSF Auditing Independence: A Guide to the APES 110 Code of Ethics and Independence Requirements Self-Managed Super Funds (SMSFs) have become a popular choice among Australians seeking more control over their retirement savings. While managing an SMSF provides individuals with ...
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The realm of Self-Managed Superannuation Funds (SMSFs) has historically been perceived as a complex and time-intensive domain for both trustees and administrators. However, akin to numerous industries, technological advancements are reshaping this landscape, with Artificial Intelligence (AI) leading ...
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SMSF Audit and Assurance PracticeAs Self-Managed Super Funds (SMSFs) continue to grow in Australia, robust audit and assurance practices have become increasingly important. SMSF trustees are tasked with ensuring compliance with strict regulations, while auditors play a crucial role in preserv ...
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When managing a Self-Managed Super Fund (SMSF), one of the decisions trustees need to make is whether the fund should register for the Goods and Services Tax (GST). While this decision is often straightforward, certain situations can make it more complex. Let’s break down when and why an SMSF migh ...
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Holding insurance policies within Superannuation offers significant tax advantages, particularly for life and disability premiums, as highlighted by a leading technical specialist. Despite being uncommon, income protection insurance can be found in SMSFs, though complexities arise with benefit payme ...
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Starting a new job after legally retiring will not cause a person to lose the tax benefits from an existing income stream.An individual who meets the legal definition of retirement and satisfies a condition of release can continue to receive full benefits from an existing pension even if they resume ...
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June 30 is quickly approaching, signalling the need to concentrate on superannuation. As a significant asset for many, the recent changes offer opportunities for strategic tax-saving moves.Concessional Contributions:The tax-deductible limit is increasing from $27,500 to $30,000 starting July ...
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The Small Business Superannuation Clearing House (SBSCH) has introduced a bank account validation process for Self-Managed Super Funds (SMSF) starting from 15 March 2024This validation checks if your employee’s SMSF Bank Account details match their SMSF recordsIf there is a mismatch, or the employ ...
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