Have you considered what you will do if an unexpected event occurs?

Have you considered what you will do if an unexpected event occurs?

Have you considered what you will do if an unexpected event occurs? Your SMSF is a long-term plan.  Much can happen during this time including illness, incapacity or death of a member. It is best practice to have contingency plans in place to deal with unexpected events. For example, if a Fund member dies, leaving you as the sole member are you happy to continue with the SMSF? Outlined are some issues to consider planning for as Trustees.  Leaving the planning to when, and if an event h....

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DISCOVERED: Insurance policies cancelling out one another!

DISCOVERED: Insurance policies cancelling out one another!

Are you sure you can claim on all your insurance policies? With the Royal Commission making headlines again due to the release of the Interim report, we felt it topical to discuss some of the major issues. The Royal Commission (RC) certainly isn’t boosting consumer confidence when it comes to insurance claims. The insurance industry was the last under fire and raised serious concerns amongst consumers. Unfortunately, Health Insurance and Personal Insurance policies (i.e. Life, Permanent ....

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Got less than $500,000 in Super?

Got less than $500,000 in Super?

Catch up on pre-tax Super contributions from 1 July 2018 You can’t make more than $25,000 in pre-tax or concessional contributions per financial year. But what if you don’t need to contribute that much? What if you only have $5,000 worth of contributions?  What happens to the remaining $20,000? Previously, this unused contribution cap space simply expired at the end of the financial year. For people with less than $500,000 in super, this is no longer the case. As o....

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How does mental incapacitation affect my SMSF?

How does mental incapacitation affect my SMSF?

How does mental incapacitation affect my SMSF?   Article by Anna Agati - MB+M   We have previously presented you with seminars and articles on what will happen to your Self Managed Superannuation Fund (SMSF) when you pass away, we may have also discussed this with you personally. However, do you know what will happen to your SMSF if you or your spouse/partner are still around and unable to make decisions? To be a member of a SMSF, you also have to be a trustee of the Fund, e....

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End of Financial Year scarily close …

End of Financial Year scarily close …

Deadline looms for SMSF's additional contributions Article provided by Adviser Voice Adviser Voice SMSF trustees looking to take advantage of the higher contribution caps for concessional and non-concessional contributions that end on 30 June 2017 need to ensure any additional money is in their SMSF bank account before the end of the financial year.   SMSF Association Chief Executive Officer, John Maroney says: “Trustees sometimes leave it until the last minute to make either con....

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Changes to Age Pension Assets Test

Changes to Age Pension Assets Test

The government's changes to the Age Pension could affect your ability to plan for a comfortable retirement. Article from AMP Recent reports (1) suggest that more than 300,000 Age Pensioners will have at least part of their pension cut, with just under 100,000 of these people losing all Age Pension entitlements, taking effect from January 2017. The Age Pension and assets test explained The Age Pension provides income support and access to a range of concessions for eligible older Australian....

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