Redwood Advisory SMSF
During the COVID period, a popular SMSF strategy was to find a new expensive hobby and make your childhood dream and buy a classic car in your SMSF. A classic or collectable vehicle is classified by the ATO as a ‘collectable or personal use asset’. These also include precious metals, boats, wine and jewellery.…
read moreThis is a testing time for all of us, something none of us can say we have seen – the most challenging time economically since the great depression and since wartime. This crisis is having a major impact on our economy and our retirement as well as our health creating fear and anxiety from an…
read moreThis is a testing time for all of us, something none of us can say we have seen – the most challenging time economically since the great depression and since wartime. This crisis is having a major impact on our economy and our retirement as well as our health creating fear and anxiety from an…
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SMSF Property Investors – Don’t overlook the benefits of Property Depreciation Schedule The question of SMSF Depreciation comes up a lot with our clients. Redwood Advisory encourages clients to obtain a SMSF Property Depreciation Report to claim deductions where possible. Which expenses can I claim? SMSF Properties are entitled to claim depreciations when they complete their…
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Borrowing in superannuation was introduced in 2007, for the right reasons to allowing flexibility and control for Australians to build wealth and create financial freedom – in the long term to benefits the retirement of Australian. Mr David Murray has released the “Financial Systems Inquiry” (“FSI”), a 320-page report which provided 44 recommendations. We will…
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An SMSF can refinance an existing SMSF loan. This is beneficial for Limited Recourse Borrowing Arrangements (“LRBA”) entered into many years ago where interest rates were higher with less SMSF lenders in the marketplace. Currently, SMSF lending is competitive with many if not all lenders offering a SMSF Loan product. After all, SMSFs is a…
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To the knowledgeable SMSF investor, an offset account is a ‘must-have’, both inside and outside of super. An offset account is a valuable feature of a SMSF loan. This is due to the fact that SMSFs generally hold a reasonable proportion of cash within the SMSF, either for a ‘rainy day’ or thinking about your next…
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A contentious area of SMSF Lending is the growing trend of SMSF lenders to obtain a personal guarantee for SMSF Loans. Our experience indicates that many brokers and SMSF Trustees lack the required understanding of the impact of the personal guarantee, and usually spot the personal guarantee too late when they are signing mortgage documents…
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The number of SMSFs is increasing with over one million members and 3600 SMSF’s established per month. However, many SMSF members fail to understand the importance of SMSF insurance. The first consideration in starting an SMSF is “is an SMSF right for me?” and if yes, an SMSF is established. Many SMSF investors are quick…
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A key part of the SMSF establishment process is rolling over your superannuation balance from your industry/ retail or employer sponsored fund to your Self Managed Superannuation Fund (“SMSF”). If performed incorrectly, this can become a frustrating and timely process. A similar process is followed by most funds, which will include a rollover form, certified identification and a compliance…
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