Redwood Advisory SMSF
The government introduced a director ID as a means to prevent false and fraudulent use of a director’s identity and to support regulators and external administrators to track directors across various companies to identify and prevent illegal activities. This applies to all ASIC registered companies. From the 5th April 2022 all directors of a company need a…
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The ATO has released guidance on the changes to Limited Recourse Borrowing Arrangements (LRBAs) on the new LRBA rules ahead of their 10 August commencement date, providing important clarification on how the transitional rules will operate. Importantly, the ATO new guidance clarifies the treatment of off-the-plan purchases, confirming that transactions can remain protected where a…
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It’s usually June where SMSF members are going crazy trying to think about tax minimisation strategies from salary sacrifice to voluntary contributions and carry forward contributions. However, July is a prefer time to plan ahead and avoid the stress of June deadlines. Salary sacrifice Its important to note that the contribution cap has been increased…
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During July, the ALP and the Greens struck a deal which shocked many to close the limited recourse borrowing arrangement (LRBA) exemption for self-managed superannuation funds. This move shocked many as banning SMSF loans or SMSF Property was not on the agenda. The May budget and the negative gearing changes have changed the property landscape…
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For the last few years – there has been a buzzword in the SMSF landscape – “Crypto/ Bitcoin”. Recently the ATO issued guidance on navigating the crypto puzzle for SMSFs and disclosing the shocking increase in total SMSF holdings in cryptocurrencies to over $1.675 billion in 2025. Over the last few years we have seen…
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Winding up an SMSF can occur for a number of reasons from i’m over the burden and responsibility of SMSFs, failing health, disagreement/ separation of members and in the worst case your fund is non compliant and the ATO has directed you to wind up the fund. Wind up considerations There is a heap of…
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When SMSFs borrow to buy property under a Limited Recourse Borrowing Arrangement (LRBA), its always confusing which name is on the expenses and agreements. Its important to know that the property under a LRBA is registered or titled in the “Bare Trustee” not the SMSF and not your personal name. So if the property is…
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On the 3rd February, struggling Aussies were stung with another 0.25% interest rate rise due to higher than expected inflation at 3.8% outside the 2-3% target range. This has left many scratching their head – fooled by the most recent interest rate cut (pre-election), where inflation was outside the target range. This leaves many questioning…
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The much talked about “Division 296” draft legislation has been released and was sent for feedback just before Christmas, likely to minimise critical responses. Key points for consideration are included below: Unrealised gains tax dropped Unrealised gains will no longer be taxed. This was criticised by many and loved by no-one so its not a…
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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.…
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