The government brought in a new rule late 2021 requiring an identification number for anyone who is a director of a company. They are calling this a Director ID. If you are establishing a new SMSF with New Brighton Capital or being added as a new member to an existing SMSF, you will be a director of the company that controls your SMSF and you will need to set up a Director ID, if you don’t already have one. Instructions for setting up your Director ID are provided below. Please let every member of your SMSF know that they need to set up their Director ID and provide it to us via the portal. It ..read more

The ATO have recently changed their processes whereby they are no longer sending out PAYG notices via paper mail. This means that you may miss notifications of tax payable for your SMSF. The solution to be able to view and pay your PAYG tax payable on time is to add your SMSF to the ATO business portal. This will allow you to receive notifications and also log in any time to view and pay any tax. Please action the steps below to avoid missing ATO notifications regarding your SMSF. Apart from contacting the ATO each quarter, this is the only way you will be able to view your PAYG notices and t ..read more

Owning Gold and Precious Metals in an SMSF If you are interested in holding gold, silver or other bullion in an SMSF, this blog covers a few points of interest. Rules for owning bullion in an SMSF Needs to be included in the investment strategy Needs to be purchased in the name of the SMSF Needs to be insured under the name of the SMSF within 7 days of purchase Needs to be stored securely and seperate from personal items Need to provide adequate reporting of transactions Need to provide evidence of holdings at the end of each financial year. One way to satisfy these rules is to have a qualif ..read more

Pension Information     1. When can you access your super? You can access your super if you: are over 65, or are retired and over your preservation age, or meet one of the early eligibility requirements   2. What is a preservation age? Your preservation age is the earliest age at which you can access your super without meeting an early eligibility requirement. Your preservation age depends on when you were born. Refer to the table below to determine your preservation age. 3. What does “retired” mean? If you are over 60 years old, “retired” means that you are not working ..read more

PAYG (pay as you go) means you pay the tax for your SMSF at the end of each quarter instead of at the end of the financial year. After the lodgement of your first tax return, the ATO will notify you if you are required to make PAYG tax instalments. The ATO will take the total tax owed for the previous year, divide that amount by 4 and that will be the quarterly tax instalment payable by your SMSF. We understand that it might seem like you are paying double tax, but you are not. You are simply paying tax annually for the first financial year and then quarter from the start of the second finan ..read more

  Please ensure all members understand the following regarding multiple members in an SMSF… You are allowed up to 4 members in an SMSF. Each member will receive their own individual statement of holdings at the end of each financial year but you cannot seperate assets within the fund. So for example, you cannot say, “this is my gold and these are your BHP shares”. Each member owns a part of every asset held by the SMSF. The proportion is determined by how much each member has contributed to the fund over time. This proportion is dynamic, meaning that it can change over time. For example ..read more

The W-8BEN-E Form is required for Australian SMSFs that derive investment income (e.g. dividends or interest) from US investments. While the form might look a bit cumbersome this guide should have to completed the form in a few minutes. While there are many sections to the form, you are only required to fill in Part I, Part III, Part XII and Part XXX. Some providers have different ways of completing the form. Care has been taken to make this guide accurate, however, should your provider reject the form, please contact them directly to request guidance on how they with to ha ..read more

If your finances have been adversely affected by the Coronavirus you may be eligible to access up to $20,000 from your superannuation. The $20,000 is made up of 2 lots of up to $10,000. One from now to June 30 2020 and one from July 1 to Sept 24 2020. It is important to understand that under no circumstances are you allowed to transfer funds from your SMSF to your personal account without explicit ATO approval. If you move funds into a personal account without permission you may face fines for being non compliant and have your fund suspended. Here are the steps… 1. You need to apply throu ..read more

WARNING: clients should obtain advice from a licensed financial adviser if they are considering holding insurance in their SMSF as there are complicated issues with replacing existing insurances held in retail or industry super funds. Your SMSF can pay for 3 types of insurance for the members. Life insurance TPD (Total and permanent disability insurance) Income protection insurance The cost of insurances paid for by the SMSF are a tax deduction for the SMSF. When having your SMSF pay for insurance make sure that the account and invoices are in the name of the SMSF and not your personal ..read more

You can contribute money to your super in several ways. Employer contributions From July 1 2021 your employer needs to pay 10% of your salary to a nominated super fund. This is called the super guarantee These contributions are concessional contributions Concessional contributions received by your super fund are taxed at 15% Salary-sacrifice contributions You may choose to have your employer pay additional pre-tax dollars into a nominated super fund via salary sacrifice These contributions are concessional contributions Concessional contributions received by your super fund are taxed at 1 ..read more