In a win for SMSF members taking a pension from their fund, the government's Mid-year Economic and Fiscal Outlook review announced that the tax exemption on investment earnings that support a pension can continue to apply even after the death of a member.
With Christmas time fast approaching, planning for your end-of-year celebrations has probably started in earnest - but with your party plan, don't forget to factor in the fringe benefits tax implications.
We also examine the option of your SMSF owning your business premises. There can be several advantages in doing so, and not just the tax savings that can result. We also look at some new liabilities for company directors, the tax consequences of insolvency, how to boost retirement savings with some tactical planning, and a reminder about a GST exemption available when selling your business.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.
Please CLICK HERE to open our Client Information Newsletter - November 2012 edition, which covers the following:
Boost retirement savings with tactical superannuation planning:
Pension payments from a self-managed superannuation fund (SMSF) are designed to provide income for retirement, with a little strategic application a super pension can also assist with wealth creation through tax savings . We outline the strategies that can assist to boost your savings for retirement.
Should you transfer your business premises into your SMSF?:
There can be some solid reasons to consider having the ownership of your business premises in the name of your self-managed superannuation fund (SMSF) . We look at the advantages of your SMSF being your business premise landlord.
FBT & your Christmas Party planning:
Christmas time is a great chance to thank your team for their efforts throughout the year however, there can be tax consequences in the form of FBT. We discuss ways to ensure that you are not the one stuck with a tax hangover!
Selling your business? Don't forget this GST exemption:
The concept of a "going concern" exemption for the purposes of goods and services tax (GST) can still cause confusion when businesses are sold. We explain the exemption from GST if a business is sold as a "going concern".
Company directors face new liabilities:
If you are a company director or an associate of a director, you are likely to be affected by changes to the Personal Liability for Corporate Reform Bill 2012
which reduced the scope for companies to engage in fraudulent activity or evade their employee's entitlements. We outline the key elements of these changes that came into effect on 30 June 2012.
The mechanics, and tax consequences of insolvency:
can still have an unfortunate resonance - even though in many instances the "fault" lies with circumstances rather than personal or even a business's shortfall. We explain the differences between bankruptcy, insolvency and going into either administration or liquidation.
Death benefits: Tax exemption win for super funds: The government has cleared up the uncertainty around the taxing of benefits paid from a SMSF on the death of a member with the "Mid-year Economic and Fiscal Outlook" paper advising that any obligation on superannuation funds to pay CGT when a super pension is cashed to pay out a death benefit will be eliminated. We provide you with the background to this change.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact this office for personal advice.