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Whytes Superannuation

Government rejects SMSF borrowing ban recommendation

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Government rejects SMSF borrowing ban recommendation


Direct borrowings by superannuation funds via limited recourse borrowing arrangements (LRBAs) are safe (at least for the next three years), following the Government's decision to reject the Murray Financial System Inquiry recommendation to ban or restrict LRBAs.



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Are your superannuation savings goals on track?

Are your superannuation savings goals on track? Superannuation should never be a “set and forget” strategy. With the new calendar year here, now is a good time to review your circumstances and perhaps set some new goals to help boost retirement savings. There have been a few changes to superannuation which applied from 1 July 2014 and it is important to understand how they may apply to you. The following are some considerations. Making extra contributions The general concessional contributions cap is $30,000 for 2014–2015 (up from $25,000 for 2013–2014). For people aged 50 and over, there is a higher concessional contributions cap of $35,000 for 2014–2015. Checking super savings It is a good habit to check your superannuation balance regularly. In addition to getting to know your super better, you may also want to protect your super from identity crime. For example, you may want to change passwords for accounts that can be viewed online. Consolidating multiple super ...
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Does property make sense in an SMSF?

Does property make sense in an SMSF? Source SMSF Adviser : Wednesday 29 January 2014   Columnist: Tony Greco   If people are being lured into setting up an SMSF solely to borrow to buy property, it is both valid and pertinent for the regulators to remind the public of the risks.    A new class of property buyer/investor has emerged. With the ability for superannuation funds to buy residential property through borrowings, some investors have established SMSFs to do just that. Recent legislation allowing SMSFs to borrow has encouraged a growing number of SMSFs to use borrowed money to gear into property, both commercial and residential, via a limited recourse borrowing arrangement (LRB). Limited recourse essentially means no other assets of the fund are used as security for the loan. In the event of a default, only the geared asset itself can be sold to cover the loan. People have always had a passion for holding property as a geared investment outside of sup ...
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