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SMSF Annual Obligations

You have a number of obligations as an SMSF trustee, and harsh penalties may apply if you fail to meet them. Here's a checklist of important areas you'll need to take into account each year.

Pay the minimum annual income stream amounts

If your SMSF pays...
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Tax Residency of Individuals

An individual's tax liability depending on whether a person is considered to be an Australian tax resident or a foreign resident. Australian tax residents are assessed on income from worldwide sources, while foreign residents are only taxed on Australian-sourced income. Non-residents are subject to higher overall tax rates, without the benefit of Australia's lower marginal tax...
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Super Reforms: The Transfer Balance Cap and Death Benefit Pensions

In February 2017, the ATO released Draft Law Companion Guideline LCG 2017/D3 (This draft ruling has now been finalised as LCR2017/3). This Draft Guideline deals with the treatment of superannuation death benefit income streams under the $1.6 million pension transfer balance cap from 1 July 2017.From 1 July 2017 all pensions... Read More

Business Innovation Hampered by Lack of Funds

Business innovation includes the development or introduction of new or significantly improved goods, services, processes or methods. According to figures released by the Australian Bureau of Statistics (ABS), more than a quarter of innovative-active businesses (27%) have reported that a lack of access to additional funds is the main barrier to innovation....
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