Moore Super in Coorparoo, Queensland | Financial service

Moore Super

Locality: Coorparoo, Queensland

Phone: +61 7 3172 2492

Address: Suite 4/262 Old Cleveland Road 4151 Coorparoo, QLD, Australia

Website: http://www.mooresuper.com.au

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24.01.2022 We are updating our knowledge today #BGLRegTech #AccountantsinBeta

24.01.2022 2017 SMSF Association National Conference opening address

23.01.2022 Government delivers surplus election friendly 2019-20 Federal Budget Leaves superannuation largely untouched A surplus election budget is the news coming out of the 2019-20 Federal Budget. With superannuation left largely untouched, the Government focused on further personal income tax cuts. However, three key announcements include providing more flexibility for individuals to contribute at ages 65 and 66, the ability to choose their preferred exempt income tax method and i...Continue reading

21.01.2022 New reporting requirements for superannuation pensions With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount of assets you can use to pay pensions from super with. Currently, pensions only need to be reported once a year through the SMSF annual tax and re...gulatory return to the Australian Taxation Office (ATO). From 1 July 2018, if a member of your SMSF has $1 million or more in superannuation and a member of the fund is receiving a pension from superannuation assets then your SMSF will be required to report more information about its members pension than currently needed. This is so the ATO can accurately monitor your transfer balance cap to know if you have exceeded the $1.6 million limit. Going over the $1.6 million transfer balance cap limit can result in needing to pay additional tax. You will be required to report to the ATO the credits and debits that count towards your transfer balance cap. Please contact me for further details on how best to facilitate this based on your specific circumstances. The most common credits are: The commencement value of new pensions, including death benefit pensions. The value of reversionary pensions 12 months from the time the individual is entitled to receive the pensions. The value of notional earnings that accrue on excess transfer balance cap amounts. The most common debits are: Ceasing a pension (known as a full commutation). Taking a lump sum out of the pension (known as a partial commutation) From 1 July 2018 transfer balance cap credits and debits must be reported within 28 days after the end of the quarter that they occur in. For instance, if you start a new pension on 1 July 2019, then this credit will need to be reported by 28 October 2019. If your SMSF does not have any members with a superannuation balance of $1 million or more, then you will not need to undertake extra reporting regarding pensions. How can we help? Moore Super can help you understand how the ATOs new reporting requirements for superannuation pensions may impact you and your fund, either now or in the future. Please feel free to call to arrange a time to meet so that we can discuss your particular requirements to ensure your continue to adhere to reporting requirements, keeping your fund compliant.

21.01.2022 Its time to think about your investment strategy Youve made it through the financial year and navigated the new superannuation laws that took effect on 1 July 2017 but there is one thing you should always think about and thats your investment strategy. Additionally, there is no better time than right after a financial year end where you can review your self managed super funds (SMSF) investment strategy and its performance. As a trustee you are required to review your in...Continue reading

21.01.2022 Does your SMSF have defined benefit pensions. As auditors we review the pension calculations and the annual pension documents and confirm the pension was paid. #MooreSuper #SMSFauditing #ADayintheLifeofanSMSFAuditor

20.01.2022 Collectibles in SMSF The rules for SMSF's owing collectables and personal-use assets rules have changed. Now that the end of the financial year has past have you taken action to ensure that any collectables or personal-use assets your SMSF acquired before 1 July 2011 now meet the new rules? ... Collectables and personal-use assets include assets such as artwork, jewellery, antiques, vehicles, boats and wine. If your SMSF acquired any of these assets before 1 July 2011 you had until 1 July 2016 to meet the new rules, which include: the asset is not being leased to or used by a related party the asset is not being stored or displayed in a private residence of a related party (i.e. a member of the fund or their relative) all decisions about their storage must be documented and kept the asset is insured in the funds name within seven days of its acquisition having a qualified independent valuation if they are transferred to a related party. If you dont meet the new rules, you will be in breach of the regulations and you may face penalties. If you are considering transferring these items before 1 July 2016 then they can be transferred to a related party without a qualified independent valuation, but the transaction must be made on arms-length terms. This means that the related party must pay a commercial value for the asset. All transfers to related parties that occur on or after 1 July 2016 must be supported by an independent valuation. How can we help? If you need assistance with any aspect of collectable assets that may be owned by your SMSF, please feel free to give me a call on 07 3172 2492 to arrange a time to meet so that we can discuss your particular requirements in more detail.

20.01.2022 Property and my SMSF Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider its an important and significant part of a diversified portfolio. There are numerous strategies and ways for property to form part of an SMSFs investments and each must be carefully considered. Investment strategy first!...Continue reading

19.01.2022 Transition to retirement pensions back to their true purpose The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which will remove tax concessions for transition to retirement pensions (TTRs) and bring them closer to their purpose of providing income to members as they transition to retirement. The new rules will remove the tax exempt status that TTRs have long enjoyed on earnings on fund inv...estments. Assets supporting a TTR will generally be taxed at 15% from 1 July 2017. The main issues that you need to consider because of the changes include: 1. Having a clear objective of the purpose of maintaining a TTR or setting one up in your fund. Without the tax exempt status TTRs are no longer a no-brainer in garnering tax concessions for your finances. 2. TTRs are still useful to help you: - Cut back on work hours and supplement your income with pension payments as you move towards retirement. - Increase your income with pension payments while you continue in the workforce until a full condition of release is met. - Reduce your taxable income and increase your superannuation balance without effecting your take home pay through a salary sacrifice arrangement. 3. Reviewing your situation to determine if you have met or soon will be eligible to start an account based pension (which has tax-free earnings) instead of a TTR. 4. Ensuring that a condition of release (an event that allows you to access your super) has been met which allows a TTR to be commenced. 5. Determining your eligibility and capacity to make salary sacrifice or deductible contributions pre and post 1 July 2017 will assist in a decision to start or maintain a TTR. Transition to retirement pensions must still meet the current pension minimum standards beyond 1 July 2017. This means a minimum pension withdrawal of 4% and a maximum pension withdrawal of 10% of your TTR balance. Transition to retirement pensions will also potentially have access to the transitional capital gains tax relief for superannuation assets affected by the new rules starting on 1 July 2017. This capital gains relief will ensure that any capital gain on affected superannuation assets will be disregarded or deferred to a later time when the asset is sold. This is a complex area of law that we encourage you to discuss with us with regards to your TTR in detail. How can we help? If you would like to find out more about commencing a TRIS and how it will affect you, please feel free to give me a call arrange a time to meet so that we can discuss your particular requirements in more detail.

15.01.2022 As auditors we test data to ensure your SMSF balances are correct. Members with SMSF funds in pension phase with Wesfarmer shares should consult with their financial adviser. #MooreSuper #SMSFauditing #JacquelineHodges #ADayintheLifeofanSMSFAuditor #HQWealth

14.01.2022 Well this is what old school auditing looks like. Sometimes technology does not show the situation clearly when training junior staff #Accountantslovecolour #SMSFauditing #JacquelineHodges #ADayintheLifeofanSMSFAuditor

13.01.2022 Ever thought of running your own Self Managed Superannuation Fund. Here's a short video on what's involved. #ATO #SMSF

11.01.2022 Engaging properly qualified accountants and registered auditors, developing a good investment strategy and following the SMSF laws ensures your SMSF is well placed to be ready for harvest when you retire.

10.01.2022 Never give your personal details to someone claiming to be from the ATO. Always phone back on a legitimate ATO number.

10.01.2022 SMSF Tip: SMSF must prepare an audited financial report and tax return. Engage the auditor at least 45 days before the due date for lodging the tax return. Watch this Australian Taxation Office video clip to find out your SMSF's annual obligations

10.01.2022 Insight into the significant changes to the SMSF rules.

09.01.2022 AFR case study worth the read

08.01.2022 Have you ever wondered whether you can buy an investment house into your SMSF or transfer your investment property into an SMSF? It may be possible but the rules are very strict and you should always seek advice from a financial adviser. We can assist you with financial advise through our financial adviser business: HQ Wealth

08.01.2022 SMSF Specialist lawyer Scott Hay-Bartlem discusses the SMSF Auditors role in reviewing the investment strategy. #SMSFauditing #JacquelineHodges #ADayintheLifeofanSMSFAuditor

07.01.2022 SMSF Tips: Use professionals that are experienced in SMSFs. Watch this Australian Taxation Office video clip to understand whats involved. For further information contact Moore Super on 0731722492 or email [email protected]

07.01.2022 As auditors we would also note that the members may live on the farm and claim a partial primary residence exclusion for up to 2 hectares. #MooreSuper #SMSFauditing #ADayintheLifeofanSMSFAuditor

05.01.2022 The amnesty on interest-free loans from related parties to SMSFs are coming to an end. As auditors we will be checking for comparitive interest rates and looking at the date on the loan agreements. #MooreSuper #SMSFauditing #JacquelineHodges #ADayintheLifeofanSMSFAuditor

04.01.2022 Deputy Commissioner James O'Halloran speech is worth the read.

04.01.2022 SMSF Traps: Related Party Transactions. Generally, a SMSF cannot provide a loan or financial assistance to members or their relatives. Watch this video clip on related party transactions.... Further further information Moore Super on 07 31722492 or email [email protected]

03.01.2022 Another lender exiting the SMSF loan space. #MooreSuper #MooreSMSFAudits

03.01.2022 Message Moore Super

03.01.2022 Trust deeds in the new SMSF world Benefit payments and estate planning Your superannuation trust deed along with the superannuation laws form the governing rules that self managed super funds (SMSFs) needs to operate by. The introduction of the $1.6 million transfer balance cap (TBC) and new transition to retirement income stream (TRIS) rules are a game changer for SMSFs when discussing benefit payments and estate planning. With the new super rules in effect as of 1 July...Continue reading

02.01.2022 We are going to miss Iris Wang while she is on extended leave this year. Thanks for the Chinese treats, we will enjoy eating these.

01.01.2022 Affected funds include Club Plus Superannuation, HESTA, Hostplus, AustralianSuper and LUCRF Superannuation. "Australians have been told to immediately check their super balances after a young Melbourne woman was charged over her alleged role in a major fraud syndicate that hacked some of the country's biggest superannuation funds and stole the identities of thousands of consumers. More than $10 million was ripped from retirement and share-trading accounts in the scam, Melbou...rne Magistrates Court was told as 21-year-old Jasmine Vella-Arpaci was charged with 53 fraud offences. Court documents show computers at major superannuation funds REST Super and HESTA were allegedly accessed by a fraud ring as it siphoned off people's super. The country's biggest retail sharebroker, CommSec, was also allegedly hacked by the ring and customers' data accessed. On Tuesday Australian Federal Police acting Commander Chris Goldsmid asked consumers to check their super balances as quickly as possible as authorities wrestle to stamp out an alleged fraud described as being run by a global network. ........"

01.01.2022 Franking credits and your SMSF You may have noticed significant media coverage recently regarding the Australian Labor Partys proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own. First of all, what are franking credits and how do they benefit SMSFs? ... Under the Australian tax system companies pay 30 per cent tax on their profits. When these profits are then passed on to their shareholders in the form of dividends, the company also hands the shareholders a credit for the tax the company has already paid (the franking credit). The individual shareholder then pays tax on the profit they received from the company less the credit for the tax the company has already paid. The franking credit ensures that the company profits are taxed at a shareholders marginal tax rate. For SMSFs in retirement phase which generally have a zero tax rate, this means they can receive a full refund of the tax already paid by the company on their behalf. SMSFs who have members in accumulation phase benefit from franking credits reducing the tax they pay on their SMSFs earnings and may receive partial refunds of their franking credits depending on the funds overall tax liability. Labor, if elected, will change the law so that SMSFs and other low tax paying entities will no longer be able receive a tax refund for the franking credits they receive. This will affect all SMSFs that own Australian shares, especially funds that have received tax refunds in recent years. This could have a significant impact on the retirement income of many SMSF members in retirement. For example, an SMSF with $500,000 in retirement phase with 40 per cent of assets held in Australian shares could lose around $4,285 per year in tax refunds from their franking credits. This impact could be a significant hit to your annual retirement income. How can we help? SMSF Specialist advisors can help you understand how a change in the tax treatment of franking credits may impact your SMSF portfolio and retirement income. Please feel free to give me a call to arrange a time to meet so that we can discuss your particular requirements in more detail. Also, if you are concerned by the franking credit policy and want to know how this will affect your future wealth, then I recommend that you contact me for a frank discussion!