How you can Consolidate your super Australian Taxation Office (ATO) has shown that more than 14 million people have a super fund account, out of which 45% have multiple super funds, yet they are unaware that they hold them. In a detailed analysis, one in ten hold three super accounts while those with four or…
Common expenses incurred when operating an SMSF When operating an SMSF, it is normal to incur expenses for the fund to continue to exist. Not all the expenses in the process of carrying out operations can be attributed to SMSF. An SMSF can only pay the expenses that SMSF incurs on its name in the…
Choosing the suitable super fund If you want to have a long, happy, and comfortable life in your retirement, you will have to pick the right fund. On the other hand, you might suffer pain for a long time if you choose the wrong kind of fund. What are some of the considerations? A right…
Borrowing to buy property: Limited recourse borrowing arrangements (LBRA) for self-managed superannuation funds (SMSF) Even though a Self-Managed Superannuation Fund (SMSF) gives you the liberty to invest in all kinds of property, either commercial (e.g. office, retail and industrial) and residential, restrictions are levied on how money can be borrowed to finance such kinds of…
Some of the biggest mistakes made by SMSFs While SMSFs are considered one of the effective ways to manage super funds, a couple of mistakes are usually committed. For that reason, we shall discuss the most common mistakes made when running an SMSF. Drawing on Self-Managed Super Funds when faced with financial hardship Taking retirement…
Understanding the basics of Australian superannuation At a young age, most people don't think about retirement. Since it is inevitable, the Australian government has set up superannuation to cater for such scenarios. Superannuation in Australia usually involves numerous jargons that make it harder for many people to understand. In spite of that, if you hope…
An SMSF investment strategy: why is it necessary? Generally, an SMSF can know what to invest in through an investment strategy. Furthermore, the fund will have a variety of choice of investment options when a good Investment Strategy is in place. SMSFs can choose to invest in cash only, but there are other forms of investments…
When to Access your super? After an individual contributes to a particular super fund, the next question that will linger in mind include: when will I get access to the super, can I access earlier than that time? If I require the super now for personal reasons, will I get it? In Australia, generally, a…
First-time borrowers can find the loan application process intimidating but in essence, the process is fairly straightforward. Most commercial and business financing usually follow the same process even though some specific steps will tend to vary from business to business and lender to lender. When armed with the right information and documentation and know what…