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Bitcoin: Its place in your wallet or SMSF portfolio

Posted by Team AVS on 7 Apr, 2018  0 Comments

While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 cryptocurrencies in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register.

What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain.


What is your “total superannuation balance” and why does it matter?

Posted by Team AVS on 7 Dec, 2017  0 Comments

Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case
Broadly, the first three of the above will not be available to an individual if his or her total superannuation balance is greater than the new general transfer balance cap (set at $1.6 million for the 2017-18 financial year and indexed in $100,000 increments in line with the CPI).


Understanding limited recourse borrowing arrangements

Posted by Team AVS on 30 Oct, 2017  0 Comments

A self-managed superannuation fund (SMSF), generally speaking, is not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.

An example of this risk at work was seen during the global financial crisis (GFC) through margin lending schemes where people borrowed money to invest in shares.  When the GFC hit, people not only lost th

Keeping your SMSF compliant while you are travelling

Posted by Team AVS on 3 Oct, 2017  0 Comments

Are you an SMSF trustee who loves to travel? Sounds like a great lifestyle, however, while planning your summer break you need to be aware that there can be negative consequences if you are out of the country for too long.

If you are a trustee and you relocate overseas for an extended period, the residency status of the SMSF, its compliance status and its ability to receive tax concessions may be affected.

Prevent your SMSF becoming non-com

Does your SMSF need a valuation?

Posted by Team AVS on 15 Sep, 2017  0 Comments

The rules around the valuation of assets held under an SMSF have seen a lot of changes over the years. The requirement to consider valuing SMSF assets at market value when preparing the annual financial statements of the fund was one of the most significant and controversial of these changes.

The use of market value accounting for financial statements is regarded as a good practice but was not imposed on SMSF trustees as a legal requirement.


SMSFs and the in-house asset rules

Posted by Team AVS on 16 Aug, 2017  0 Comments

A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing.

What does the ATO say in relation to the in-house asset rules?

Recent ATO statistics on the SMSF sector show the proportion of reported breaches that relate to the in-house asset rules remains high. While it can be argued that the higher number is because the in-house asset provisions are by far the most complex and hard to understand SMSF investment rules, it is still critical for trustees to improve compliance to prevent the substantial penalties imposed for breaching these rules.


Tax deductions specifically for SMSFs

Posted by Team AVS on 3 Aug, 2017  0 Comments

One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members.

If an SMSF trustee incurs an expense in the usual operation of the fund, this will generally give rise to a deductible expense against assessable income.


How does the Budget 2016 affect contributions to an SMSF – Guest Post by Liam Shorte

Posted by Team AVS on 27 Jun, 2016  0 Comments

I am breaking the Budget down into bite size chunks with strategies to consider going forward for SMSF Trustees. The first part which dealt with pension strategies is available here . This second part deals with changes to contribution options, methods and caps
The concessional contribution cap will be reduced from the current level of $30,000 to $25,000 from 1 July 2017, irrespective of the age of the individual. The higher cap of $35,000 that currently applies to individuals over age 50 will be abolished. The reduced cap will continue to be indexed in future years in line with wages growth.


Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.