Accounting & Wealth Insights

There is unprecedented growth in the SMSF sector and the question I sometimes get is whether an existing SMSF can still operate if its trustees and members are overseas.

Super is generally there for your retirement. Once you have met your preservation age and retire you’re able to access your super.

International managed portfolios are vital for self-managed super funds to diversify their portfolios, according to head of marketing and distribution at HUB24, Wes Gillett.

Continuing our review of ATO benchmarks, we review the performance benchmark rates for businesses in the cabinet makers industry. Businesses in this industry typically manufacture and install cabinets for kitchens, bathrooms, wardrobes and shop fittings.

Benchmarks are one of the indicators that the ATO uses to identify businesses for review or audit. The ATO releases performance benchmark rates each year for businesses across a number of industries to compare their operations against industry expectations.

A recent tax determination has confirmed that the annual membership fee for airport lounges is deductible if the membership holder has an employment relationship with the bill payer.

On the 3rd May 2016, the federal government announced an immediate cut to the non-concessional contribution limit. The cap is now a lifetime limit of $500k.