Redwood Advisory SMSF
A key objective of setting up an SMSF is to increase your retirement nest egg and to save tax. A key strategy is to maximise your super contributions and carry forward concessional contributions. However its tough to keep up with all the changes the government is making to taxation and SMSFs and therefore its important…
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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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Everyone has different goals in life. But whatever your goals, getting advice from a qualified financial adviser will help you articulate your plan and can help you achieve your goals – soon. It’s not just about planning for the future either. A financial adviser can help adjust your current situation as well as preparing you and…
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It is always interesting to see far SMSF’s have come over the years. To help us, the ATO has given us insightful statistics to shed some light on SMSF’s in our current day – which has been shown below. Interesting topics worth noting are that the Majority of SMSFs (57%) have a Corporate Trustee. Furthermore,…
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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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SMSFs have enjoyed the ability to borrow to buy residential and commercial property since 2007. Its been an extremely popular strategy for mum and dad investors and “millennials” looking to increase their exposure to property with the booming property market in major capital cities. However, due to the Royal Commission and possible change of Federal…
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Owning an investment property in SMSF has become increasingly popular. However, in the 2017/18 Budget, the federal government announced significant changes in relation to claiming deductions in relation to Travel Expenses for residential property in an SMSF. From 1st July 2017, travel expenditure incurred in inspection and maintenance of residential investment properties as well as…
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Late 2014, the “Financial Systems Inquiry Report” (“FSI”), provided 44 recommendations, one of which was a proposed “Ban on limited recourse borrowing arrangements” or SMSF Loans. This caused significant uncertainly for SMSF professionals and investors. Last week, there has been a major development with Assistant Treasurer Mr Josh Frydenberg gave the biggest indication that SMSF…
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The end of the financial year is fast approaching. We will now address some of the key strategies that must be considered pre 30 June 2015. Self managed superannuation funds (“SMSF’s) are about strategy, and your strategy needs to be compliant with Superannuation Law. A sound SMSF strategy will ensure you achieve the maximum tax…
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