The Budget 2019-20 was delivered on 2 April 2019 as the Budget that is back in the black and back on track. The Government is delivering immediate tax relief to 10 million low and middle income earners, with 4.5 million receiving the full amount of the benefit.
Significant changes to the superannuation system, including new terminology, concepts and reporting requirements. These changes took effect from the 2017-18 year. Some of the changes will affect you directly now, others in the future.
The law allows for borrowing to fund the purchase of a real property by a SMSF through a properly structured arrangement. Investments can be made in both residential and commercial property. The correct structure will need to be in place prior to entering any agreement to purchase the property.
You can make tax-effective contributions to grow your superannuation. You can reduce the effective tax you pay, because contributions into your super are taxed at 15 per cent versus the same amount being taxed at your individual marginal rate of tax.
Despite the higher establishment cost related to setting up a company, it is widely accepted that a sole-purpose corporate SMSF trustee is a superior structure. The company exist only for the purpose of acting as trustee of a SMSF.