What can be done when an SMSF trust deed contains a mistake or typo?

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We often get asked by our clients, what can be done when their SMSF Trust Deed contains a mistake or typo. Formalities are necessary and a deed of rectification may be the only effective way of fixing the problem. A deed of rectification is a very important document that acts to clean up, what can […]

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SMSF trustee checklist when borrowing to buy a property

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It is essential to have the necessary cash flow inside the SMSF to fund the ups and downs of investment property ownership. This SMSF trustee checklist can be useful when preparing to borrow money in an SMSF to purchase a property – the checklist only applies when a loan is being established: Ensure that regular […]

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Is your SMSF trust deed up to date?

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The end of financial year is fast approaching and in light of the Fair and Sustainable Superannuation Changes it’s important for trustees to be assured their SMSF trust deed is up-to-date and compliant. Case study: Daniel is a trustee of an SMSF. Accordingly, he is only permitted to act in accordance with the powers afforded […]

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Benefit payments rise dramatically ahead of July 1 super changes

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SMSF trustees looking to take advantage of the current rules around non-concessional caps have significantly increased benefit payments, according to the latest SuperConcepts SMSF Investment  Patterns Survey. In the March 2017 quarter the average benefit payment increased significantly from $16,256 to $27,900. Overall contribution levels also continued to rise in Q1, increasing from $8,548 to […]

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Does an SMSF cease to be compliant if its members go overseas?

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Frank and Mary want to go overseas for a while to work in England. They’re told that they need to ensure that their SMSF does not become a non-resident fund simply because of their trip. That would be a big problem because to be compliant and therefore eligible for tax concessions an SMSF needs to […]

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NowInfinity: Time to update your clients’ trust deeds  

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NowInfinity is urging advisers to review and update their clients’ trust deeds now in order to meet the new super reforms that will be effective from 1 July 2017. NowInfinity CEO, Amreeta Abbott, says significant changes to self-managed superannuation funds (SMSF)s make the update imperative. “Not since 2007 has Australia seen such wide-sweeping changes to […]

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Can an SMSF invest in gold?

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Gold jewellery and gold coins/medallions will certainly come under the stricter rules prescribed by SIS Regulations. A recent client enquiry led us to take a closer examination of the types of assets an SMSF can invest in. The enquiry concerned the acquisition of gold as an allowable investment under superannuation laws. To ascertain whether an […]

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Shedding light on the ATO’s new compliance approach

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Setting up a self-managed super fund (SMSF) can be quite daunting, especially since the responsibility for ensuring compliance with superannuation laws rests with the trustees of the Fund. As the ATO regulates SMSFs and administers superannuation laws in relation to them, trustees need to keep abreast of possible changes as these may require them to […]

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Is art appropriate for your self-managed superannuation fund?

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Art can be an attractive alternative investment, with many people buying it because of their passion and its scarcity. But, is it appropriate for your self-managed superannuation fund? Ordinarily we don’t recommend art at Omniwealth for financial planning purposes. Investments in collectables and personal use assets such as art, jewellery, and wine cannot provide a […]

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Five reasons why retail investors should consider infrastructure

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Infrastructure is growing in popularity among retail investors including self-managed super fund (SMSF) trustees as evidenced by the approximately 300 people who attended yesterday’s AMP Capital webinar on the asset class. The webinar, hosted by AMP Capital Core Infrastructure Fund Manager John Julian and AMP Capital Head of SMSF and Self-Directed Wealth Tim Keegan, covered the […]

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