Tax Planning Strategy 193 involves using your SMSF to purchase a farm (or hobby farm) and then leasing it back to the taxpayer (or associated entity) to operate a farming business. This strategy has the following attractions: Ability to combine the superannuation fund balances of up to 4 family members to purchase the farm.…
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This strategy involves transferring the life interest in business real property into a SMSF (instead of transferring the whole interest in the real property). The SMSF becomes the ‘life tenant’ with the ‘life in being’ based on the life expectancy of a member of the fund. The life tenant will become the registered proprietor of…
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Tax planning strategy 180 The superannuation proceeds trust strategy involves creating a special type of testamentary trust under a will that is only funded by the deceased’s superannuation death benefits. The beneficiaries are limited to only the deceased’s tax dependents (i.e. spouse and children under 18). The advantage of this strategy is that as all…
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Tax planning strategy 176 From 1st July 2018 fund members with a fund balance of less than $500,000 will be able to make additional catch-up super contributions. The catch-up super contributions can be either personal or salary sacrifice and can only be made from unused super contribution caps accruing from 1st July 2018. As the…
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Tax planning strategy 183 The Australian Bureau of Statistics advises that Australia’s population has grown to 24,274,575 (as at 17th November 2016). The overall total population is increasing at the rate of one person every 1 minute and 29 seconds as the result of: One birth every 1 minute and 44 seconds. One death every…
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Tax planning strategy 184 This strategy involves a SMSF investing in non-controlled unit trusts or companies. As the entities are non-controlled entities they can operate businesses, be geared, and invest without breaching the SIS legislation. This structure allows multiple unrelated SMSFs to invest in these entities and have the trust distributions, dividends, and capital gains…
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Tax planning strategy 181 Australia now has over 570,000 self-managed super funds (SMSFs) that hold $600 billion of investments. The ‘average’ super fund now has a balance of over $1 million, although 45% of funds have less than $500,000 of assets. The SMSF segment is fast growing and now accounts for 29.1% of the…
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
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