When insurance is held inside super, the premiums can generally be claimed as a tax deduction by the fund. If the fund made an election to claim future service deduction, the fund can’t deduct insurance premiums in future years.  Because the premiums are paid from the SMSF, they are funded with the cash flow of […]

QROPS stands for Qualifying Recognised Overseas Pension Scheme and is a term used in the UK pension transfers. Her Majesty’s Revenue and Customs (HMRC) is the governing body that grants QROPS status. A complying SMSF meets certain QROPS requirements automatically. However, an existing SMSF trust deed would need to be amended to satisfy certain restrictions […]

The NRAS started on 1 July 2008 and offers annual incentives for a period of 10 years. The NRAS incentive is tax-free income and has two components: an Australian Government contribution in the form a refundable tax offset a state or territory contribution in the form of direct financial support As the state incentive is […]

For residential properties acquired after 9 May 2017,  Div40 depreciation can only be claimed for new assets, or assets in a new property. i.e. assets that have not been previously used. For example: Plant and equipment paid for (e.g. new carpets or air conditioner); or Plant and equipment included as part of the new property […]

Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 was passed by the Senate on 25 June 2024. Schedule 7 to the Bill makes changes to improve the operation of the rules in relation to non-arm’s length expenses that were introduced by the Treasury Laws Amendment (2018 Superannuation Measures No.1) […]

A downsizer contribution is a non-concessioanl contribution, but it doesn’t count towards the contribution cap. How much you can contribute  Up to $300,000 as an individual or up to $600,000 as a couple, however the total contributions cannot be more than the sale proceeds. Eligibility From 1 January 2023, 55 years or older at the […]