Redwood Advisory SMSF
The superannuation contributions caps for concessional and non-concessional contributions will increase on 01/07/2024 which is the start of the 2025 financial year. The government has announced these latest figures in an effort to keep up with the cost of living crisis including rising inflation and increases in the super guarantee charge (“SGC”) rate to 11.5%.…
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One of the key strategies of SMSF is to invest in direct property. While some SMSFs may have sufficient funds to purchase a property in cash, many others, particularly those with a younger demographic, have chosen to use a loan to purchase their property. There are two methods to secure a loan either through a…
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SMSFs need to be aware of a key requirement of running an SMSF – you cannot withdraw from your fund unless you meet a condition of release. Funds can be withdrawn from superannuation accidentally (i.e. transfer from internal accounts) or intentionally due to many financial pressures such as financial distress. The Australian Tax Office (“ATO”)…
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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.…
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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SMSFs are beneficial for so many reasons including control, choice, flexibility and a concessional tax rate. I hope your SMSF is treating you well and you’re kicking goals and that you’re partnership with Redwood is also kicking goals. However, you may have received the fright of your life with a “threatening” letter from the ATO…
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Every SMSF must a functional bank account. It is just one of the many compliance RULES of running a SMSF. A bank accounts purpose is to receive rollovers, contributions, receive income, pay expenses and-at retirement-will eventually pay your pension. At Redwood, we have found that Macquarie offer a Cash Management Account (CMA) which is second…
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Another year, another tax payable. WHY? Its extremely important to understand the key benefit of a SMSF and that is its concessional tax rate as compared to a members personal tax. Importantly its not all about a “tax refund” generally any losses are carried forward in the super environment. There will be on many occasions…
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WITH INTEREST RATES AT RECORD LOWS AND THE BANKS COMPETING FOR YOUR LOAN, THE KEY QUESTION ON EVERYONES MIND – IS IT THE PERFECT TIME TO “FIX” THE RATE OR LEAVE YOUR RATE AT VARIABLE? The Reserve Bank of Australia reduced the cash rate to a record low of 1% with two 25 basis point…
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