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SMSF specific tax deductions

One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members.

If an SMSF trustee incurs an expense in the usual operation of the fund, this will generally give rise to a deductible expense against assessable income.

Another overarching element to keep in mind with regard

September 1st, 2017|Categories: Build Wealth|

What is your “total superannuation balance” and why does it matter?

Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case.


What is the total balance relevant for?

The total superannuation balance is relevant in determining a super fund member’s eligibility for:

  • making non-concessional contributions according to the non-concessional contributions cap
  • receiving the government co-contribution
  • the tax offset for spouse contributions
  • using
April 19th, 2017|Categories: Build Wealth|

SMSF trustee with the travel bug? How to keep your fund compliant


Are you the trustee of an SMSF but also a travel aficionado? Nothing wrong with that; however trustees need to be aware that there can be negative consequences if you are out of the country for too long.

If a trustee relocates overseas for an extended period, the residency status of the SMSF, its compliance status and its ability to receive tax concessions may be affected. Trustees will need to put strategies in place to avoid their

August 23rd, 2016|Categories: Build Wealth|

SMSF – Individual or corporate trustee?


Nearly 80% of recently established self managed superannuation funds ( SMSF ) operate under an individual trustee structure rather than a corporate trustee arrangement, according to statistics released by the ATO.

Although the latter is the less utilised option, does that mean it is the less wise choice? We examine the pros and cons of each trusteeship arrangement.

Benefits of the corporate trustee structure

Asset ownership

Under an individual trusteeship, all SMSF assets must be in the name of all

June 8th, 2016|Categories: Build Wealth|

Trust structure essentials – we demystify some of the jargon

Wordcloud with Trust related tags

Trust structures and their use can often be misunderstood – we demystify some of the jargon.

Why use a trust?

Trusts are commonly used to protect assets, as property and other assets that are held by a trust have a level of protection from creditors.

A trust can also maintain an estate until a beneficiary becomes old enough to have legal possession, or isolate valuable assets from a trading company that may be more exposed to

June 8th, 2016|Categories: Build Wealth, Good Business, Make Money|

SMSF trustees: Don’t let “cognitive decline” sneak up on you

Elderly couple resting on a bench in the park

As the Australian population ages, and retirees become either fully or partially reliant on their own retirement savings instead of the government pension, the ability to manage those funds may be affected by one of the possible downsides of a long life.

The possibility of declining health, both physical and cognitive, may be uncomfortable to think about, but it’s important to ensure all your SMSF’s administrative bases are covered. Whatever

May 10th, 2016|Categories: Build Wealth, Save Tax|

Death benefit nominations for your SMSF


A death benefit nomination is a written direction to SMSF trustees which instructs the trustee to pay a member’s entitlements to certain dependants and/or legal personal representatives (their estate) in the proportions the member wishes in the event of their death.

With so much money tied up in superannuation, and more and more of Australia’s retirement savings being managed under the direction of an SMSF trust deed, it is important to make

April 20th, 2016|Categories: Build Wealth|

When can your SMSF pay you super benefits?

image of couple sitting on the beach looking on the horizon.

The money put aside in your self-managed super fund (SMSF) is of course intended to be kept to fund the retirement of you and your fellow fund members. This is the over-riding obligation of you as trustee to adhere to the “sole purpose” test.

Accessing the money in an SMSF to pay benefits is generally only allowed when you reach what’s called your “preservation age” and

March 24th, 2016|Categories: Build Wealth|

Understanding LRBA (limited recourse borrowing arrangements)


A self-managed superannuation fund (SMSF), generally speaking, is not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.

An example of this risk at work was seen during the global financial crisis (GFC) through margin lending schemes where people borrowed money to invest in shares.  When the GFC hit, people not only lost the value of their

February 23rd, 2016|Categories: Build Wealth|

When did you last update your will?


A guest article by Craig Spink of Spink Legal (

Death comes to us all eventually. At some point, we should all turn our minds to the distribution of our estates. It is easy to think that our deaths are a long way off and so it’s understandable that we may delay making a will. But fortune is fickle and death may come sooner than we think. In this short article, find out what happens

October 30th, 2015|Categories: Build Wealth|