Keeping on the right side of SMSF rules
The lure of greater control over your retirement savings with a self-managed super fund may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules.
An SMSF is a private super fund regulated by the Australian Taxation Office that you manage yourself. You can have up to four members in your fund, each of whom must be a trustee or, if a corporate trustee has been appointed, a director.
As a trustee you are legally responsible for all the decisions made about the fund and compliance. Even if you outsource both the administration and the investment of the fund to a professional, you must still understand what they are doing because you are legally responsible.
So what are the rules an SMSF needs to follow?
Make yourself accountable for your success
When it comes to career or life goals, a crucial element often missing from the discussion is that of personal accountability. Accountability is fundamental to effective government and successful business, but we often neglect it in regards to our own ambitions. Practicing personal accountability isn’t easy, but if you embrace it, the effect can be transformative.
Global economic uncertainty is affecting global growth: How to steer through choppy seas
Like it or not, we live in interesting times. More than a decade after the Global Financial Crisis, the global economy is facing fresh headwinds creating uncertainty for policy makers and investors alike.
Finding safe harbour when business is rough
Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times.
Building wealth in diversity
What a difference a year makes. In recent months, Australian shares hit a record high, the Aussie dollar dipped to levels not seen since the GFC and interest rates were cut to historic lows.
Towards the end of 2018, shares were in the doldrums and while experts agreed the Aussie dollar would go lower most tipped the next move in interest rates would be up.
All of which goes to show that when it comes to predicting financial markets, the only sure thing is uncertainty. There’s no avoiding market risk, but it does need to be managed if you want to build enough wealth to live comfortably in retirement and achieve other life goals along the way.
Carving up your GST
Apportioning your GST obligations
For many small businesses, reporting the GST you collect after issuing tax invoices to customers can be a headache. But there is a way to save time and make the bookkeeping process a bit easier – if you meet the ATO’s eligibility criteria.
Pensions to rise as deeming rates fall
It’s been a long time coming, but up to 630,000 retirees could soon enjoy a small but welcome increase in their Age Pension payments following a cut in deeming rates used for the pension income test.i
What you need to know if you have a side hustle
Whether it’s to pursue a passion or to make a little extra money, more Australians than ever now have a side hustle.
But while freelancing, moonlighting and pursuing passion projects can be a great way to add value to your life, they can sometimes complicate how you go about managing both your time and finances.
Postives and negatvies of gearing
Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.
Your life in numbers - the best apps to measure success
It should come as no surprise that we love numbers… and number crunching. Luckily for us, these days you can quantify just about anything by simply reaching for your phone and opening an app.