Patane Accounting Pty Ltd is a CPA Practice
Many small business owners who run a family business and are nearing retirement face the significant decision of whether to include their adult children in their self-managed super fund (SMSF) as part of their personal and business succession planning. Including children in a family SMSF can have a critical impact on family relationships and finances,…
A responsibility that does not immediately spring to mind when managing a self-managed super fund is working out what will happen if a member becomes incapacitated and unable to perform their trustee duties. Succession planning for an SMSF can become quite complicated if not managed on an ongoing basis. It not only requires having a…
Self-managed super funds (SMSFs) are an attractive option for those who want more control over their retirement savings. However, trustees who have run a fund for as long as SMSFs have been in existence (around 20 years) are likely to have accumulated a lot of paperwork, especially if they engaged in various super strategies throughout…
Australians can make two types of contributions each year; concessional contributions, which are taxed at 15 per cent, and non-concessional contributions, which are not taxed. There is a limit of $35,000 for concessional contributions and $180,000 for non-concessional contributions. However, individuals do have the option of using the three-year bring forward rule that allows taxpayers…
There are many advantages to having a self-managed superannuation fund (SMSF). Increased flexibility and control over your savings are the most obvious benefits, with many SMSF trustees and members appreciating the ability to make their own investment decisions. Here are five tips that can help set your SMSF up for success in 2016: Have a…
There are a lot of advantages to having a self-managed superannuation fund (SMSF). Increased flexibility and control over your savings are the most obvious benefits, with many SMSF trustees and members appreciating the ability to make their own investment decisions. Other advantages include the possibility of investing in a property, the ability to manage administrative…
A transition to retirement allows older workers who are moving towards retirement to continue working, while at the same time, draw down on some of their superannuation benefits. Since its introduction in 2005 by the Australian Government, the policy has been used by many Australians as a strategy to save tax and boost super before…
Here are four valid strategies low-income earners can use to boost their retirement savings for the future. Co-contributions Under the co-contribution strategy, the government matches the non-concessional contributions made by a super member who earns less than $34,454 a year. Super members who earn up to $50,454 a year are eligible for a partial benefit.…
It can often be quite confusing working out what will happen to your super when you die since the terminology surrounding superannuation and death can appear quite technical. A binding death benefit nomination (BDBN) is an instruction by a fund member regarding who can receive the fund member’s super benefits when they die. Having a…
Having a basic understanding the different phases that your superannuation goes through during your life can help when it comes to working out the tax treatment of an individual’s fund and any pension they take. While not directly related, the overall investment strategy of a fund will also tend to change as the super transitions…
