Boanco » SMSF
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A comprehensive overview of self-managed super funds, including investing plans, trust deeds, and establishment costs. BOA & Co. is a team of experienced chartered accountants and financial advisors. We provide tailored consulting solutions to ensure the ongoing success of your business. e specialize in providing advice to privately owned businesses and their owners through sophisticated..
Boanco » SMSF
4M ago
Australia’s mandatory superannuation system ensures most individuals accumulate substantial retirement savings by midlife. While many Australians build their retirement wealth within industry or retail superannuation funds, others opt for a self-managed superannuation fund (SMSF). With 610,287 funds and $878 billion in assets, SMSFs offer control and flexibility over investments, attracting those seeking to boost retirement savings.
Who Chooses SMSFs?
Demographics: About 69% of SMSFs have two members, often cohabiting or married couples. Single members represent 24%, and 7% have three to six ..read more
Boanco » SMSF
5M ago
The journey toward a secure and fulfilling retirement involves strategic financial planning, and for many Australians, managing a Self-Managed Superannuation Fund (SMSF) is an integral part of that process. Transitioning an SMSF into the pension phase is a critical step, requiring a deep understanding of the intricacies involved. In this comprehensive guide, we will delve into the nuanced considerations, strategic approaches, and key actions that SMSF members should undertake when initiating a pension within their fund. This comprehensive exploration aims to empower members with the knowledge ..read more
Boanco » SMSF
5M ago
As Australians focus on maximizing their superannuation returns, recent research from Rainmaker brings encouraging news: self-managed superannuation funds (SMSFs) maintain their status as the most cost-effective segment in the super sector.
The study, part of Rainmaker Information’s Superannuation Benchmarking Report, explores the evolving dynamics of superannuation fees and their impact on consumers.
Understanding the Numbers: A Deeper Dive into Super Fees
The comprehensive analysis, covering 1,500 super fund fee options across 354 products, revealed that overall super fees have reached a his ..read more
Boanco » SMSF
7M ago
In a recent study conducted by the International Centre for Financial Services (ICFS) at the University of Adelaide and commissioned by the SMSFA (Self-Managed Super Fund Association), concerning revelations have emerged regarding the Australian government’s proposed $3 million super tax. This tax, if implemented, could have significant implications for the country’s Self-Managed Super Fund (SMSF) members, potentially affecting up to 50,000 individuals.
The study, which is the first to shed light on the potential repercussions of this proposed tax change, utilizes data from over 722,000 SMSF m ..read more
Boanco » SMSF
7M ago
Managing retirement savings is a critical aspect of financial planning, and many Australians rely on superannuation funds to secure their retirement. However, there is an alternative approach known as a Self-Managed Super Fund (SMSF). In this article, we will explore the ease and relevance of setting up an SMSF in today’s financial landscape.
Understanding SMSFs
The name itself, Self-Managed Super Fund, suggests its primary feature – self-management. Unlike traditional superannuation funds managed by professionals, SMSFs empower individuals to make investment decisions and take responsibility ..read more
Boanco » SMSF
1y ago
SMSF is highly regulated by authorities, and they are becoming increasingly popular vehicle for people managing retirement savings due to quicker decision making, accountability, protection from creditors, having control and flexibility and investment choices.
Self-managed super fund
Self-managed super fund (SMSF) are Private superannuation funds. Your SMSF can have as many as six members. Other types of funds do not allow members to be directors or trustees, but SMSFs do. This allows members to operate the fund in their best interests. Although members are in charge of adhering to pension a ..read more
Boanco » SMSF
1y ago
Investing in property through a self-managed super fund (SMSF) has grown in popularity in recent years, particularly since it became possible for SMSFs to borrow money to fund a direct property purchase.
This is an area where you really do need to make sure you know what you’re getting into. Here is our guide to buying property through your SMSF.
Investing in residential property
Property purchased through an SMSF cannot be lived in by you, any other trustee or anyone related to the trustees – no matter how distant the relationship.
It also cannot be rented by you, any other trustee or anyone ..read more
Boanco » SMSF
1y ago
There are numerous restrictions prescribed by SIS legislation that the Self Managed Super Fund (SMSF) should constantly comply with when doing investments. One of the most rigorous rules is that the assets of members; or a related party are prohibited from being acquired by trustees.
However, there are three exceptions applied to permit this related party transaction, if the asset fits within any of the three categories listed below:
Listed security acquired at market value; or
Business real property acquired at market value; or
An in-house asset (IHA), with the fund’s existing IHA, does not ..read more
Boanco » SMSF
1y ago
It became possible for SMSFs to borrow money to fund a direct property purchase. And, SMSFs have become an increasingly popular choice for Australians in recent years.
If you are considering buying a property through SMSF, it is necessary to make sure you know what to do. Here is a guide to use your SMSF to buy a property.
What Is a Self-Managed Super Fund (SMSF)?
A self-managed super fund (SMSF) is a savings account for your retirement that you manage yourself, rather than one that is managed by a superannuation providers (such as Australian Super, REST Super etc). You will be able to p ..read more
Boanco » SMSF
1y ago
There have been some recent changes to the tax rules when it comes to employee share schemes. There has been an attempt to make them more appealing for employer and employee participation.
The changes to the ESS were significant as of 1 July 2015. They allow for a more extended tax deferment. There are some new rules for startup companies.
There are five significant changes to take note of.
Changes to the tax treatment of these employees go into effect as of 1 July 2015.
It will be applied to interest in shares, stapled securities, option to acquire shares, and rights wh ..read more