Posts Tagged ‘SMSFs’
Tax Deductions Specifically for SMSFs
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…
Read MoreSMSFs and the in-house asset rules explained
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…
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