Thinking about setting up an SMSF? Or do you already have an SMSF with an individual trustee structure? If so, now might be the time to consider adopting a corporate trustee structure for your fund. With over 60% of all SMSFs having a corporate trustee structure, there are many benefits in setting up a company to...

With residential property values on a sharp upward trajectory, from a tax standpoint, what does this mean for owners and investors of this style of dwelling? Introduction Domain’s End of Year Wrap revealed that in 2021, Australian house prices rose an astonishing 21.9%, the fastest annual rate of growth on record! Viewed through a taxation...

At the start of each year, business owners typically review their affairs, including at times their trading structure. Others may be going into business and choosing their initial structure. There are four main business structures – sole trader, company, trust, and partnership (or a combination of these). Sole trader This is how many businesses commence....

Thinking about making up for lost time and making extra contributions to top up your super? The good news is that the “catch-up” concessional contribution (CC) rules can help individuals who feel they have missed out on building their retirement savings to make extra before-tax contributions. Remember, CCs can include super guarantee contributions from your...

As Australia looks to get back to work and continue its recovery, the Temporary Full Expensing (TFE) measures are available to support business and encourage investment. Eligible businesses can claim an immediate deduction for the business portion of the cost of most assets in the year they are first used or installed ready for use....

Did you know that there are approximately 10 million unintended multiple super accounts, which represents around 35% of all member accounts held by funds? While in some cases this outcome may be intended, more often than not the creation of multiple accounts is unintended and mainly occurs when employees change jobs and do not nominate...

In the May 2019 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information, building on the first stage of STP which was made compulsory for most employers from 1 July 2019. For background, the STP regime is a government initiative which is designed to reduce an employer’s...

Accesso our Wallace Partners Client Information Newsletter February 2022 below: Wallace Partners CIN February 2022

Access our Wallace Partners Client Information Newsletter November 2021 below: Wallace Partners CIN November 2021

Commencing a pension from an SMSF can be easy process provided it is done the right way and you follow the rules that apply. Once a pension has commenced from a SMSF, ongoing administration, such as obtaining an actuarial certificate, may be required to determine how much of the pension’s investment income will be exempt...