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25.01.2022 There is still time to get involved in Powers' Drought Fundraiser! The Buy a Bale of Hay - Making a difference to Australian Farming Families coordinates donations to provide farming families with the basics they need to survive during tough times. 1 bale of hay = $20 donation.... Donations also go towards provision of petrol and Farmers Cards. We have set a goal of 50 Bales ($1,000) and we can't do it alone - we need your help. To help the farmers of our country, click the link on our blog OR Donate directly here: https://www.buyabale.com.au/donate?supporter_id=29 #droughtcrisis #QLD #AustralianFarmers #BuyABale #PowersDroughtAppeal

23.01.2022 A trustee of a Self Managed Superannuation Fund is an important role as you are responsible for looking after your own superannuation. As trustee you have to make decisions for the best interest of the members not as the member making a decision in the best interest of the trustee. Originally most Self Managed Super Funds had individual trustees with all trustees being the individual members of the SMSF.... For various reason the ATO is considering replacing individual trustees of SMSFs with a Company as Trustee of the SMSF. The company will only be the Trustee of the Super Fund and the directors of the Company will be the only members of the super fund. There are more merits for moving to the Corporate trustee for an SMSF than not but it is practical to continue your SMSF with individual Trustees

23.01.2022 Charles Page, Director of Powers Superannuation Services, comments on the Financial Systems Inquiry's comments on gearing inside Superannuation funds "Reading a recent article that Financial System Inquiry has indicated a preference for a total ban on gearing inside Superannuation Funds shows the FSI has failed to understand the model of what is an SMSF or an understanding of the empirical information of what is actually happening with gearing in SMSFs. There are some serio...us questions to be asked about the FSI’s impartiality. Three of the five Panel members come from a large financial institution background that would see the SMSF as a direct competitor for their Funds Under Management, and is it conceivable to think the other members would have been members of an employer funded defined benefit scheme? Serious debate is needed about this issue with parties that actually understand SMSFs. If there are 534,000 SMSFs, someone understands them!"

21.01.2022 I Can’t Get No SatisfactionWith My Superannuation Have we now moved forward? The latest research from Roy Morgan Research paints a different picture. If the question is do you want to be satisfied with your Superannuation? Isn’t the only answer yes? Not more of 'Some Useless Information'.... Read more of Charles' blog here: http://www.powers.net.au//i-cant-get-no-satisfaction-with/

20.01.2022 If you need any assistance with a self managed superannuation fund, don't hesitate to contact Charles Page on 07 3906 2888

17.01.2022 Townsend slams FSI’s ‘bias’ stance on SMSF borrowing The FSI's recommendation to ban direct borrowing in SMSFs is based on an ‘inconsistent’ and ‘flawed approach’ to the regulation of super, says an industry lawyer. According to Townsends Business and Corporate Lawyers principal Peter Townsend, the FSI final report suggests super should be treated solely as a ‘savings vehicle' rather than a broader wealth management vehicle; a notion which he said is fraught with difficulties.

17.01.2022 Is it right to pay Income Tax on winning Olympic Gold Medals? It may not be a major issue on the Agenda for Federal Treasurer Scott Morrison but resolving the quandary with Superannuation contribution limits is... #Olympics #MichaelPhelps #GoldMedal #Superannuation

15.01.2022 Dealing with the Australian Tax Office (ATO) can be a challenging experience that is often avoided due to fear or trepidation. Powers recently took on a client who was behind with the lodgement of their Income Tax Returns for a significant number of years and had accessed their Superannuation Fund, which they were not entitled to do. They did this because of the mistaken belief that they were entitled to make a particular investment purchase. Read on to find out how we saved... them from getting into big trouble. #smsf #ato #clients #casestudy #superannuation #penalties

15.01.2022 The English poet Percy Shelly whose wife Mary Shelly was the authour of Frankenstein, wrote Fear not for the future, weep not for the past And of which I was reminded of when reading this excellent piece "Realise your dream" and enjoying your retirement despite all. ... There’s a whole wide world out there and everyone deserves to experience it!

14.01.2022 This appears to be good news with no changes planned for to the treatment of Franking credits in retirement products. For those receiving an income stream from their Superannuation Fund this is reassuring that the refund of franking credits will continue. Franking Credits are in part recognition of the supposed risk premium of on owning listed shares as against the safety of Term Deposits and Interest.

14.01.2022 There are close to 535,000 Self Managed Super Funds which hold around 30% of all retirement savings in the Superannuation System. You should not see an SMSF as something for someone else to have or it is all to complicated and difficult for me. 1 Million Australians have an SMSF ! Three major reasons for having an SMSF are Control, Cost Savings and Investment Flexibility which feature in an excellent blog at:... http://blog.cpal.com.au/realiseyo/why-are-smsfs-so-popular/ With you superannuation you owe it to yourself to seek the professional advice about your retirement options.

13.01.2022 In the words of Paul Keating himself, "If you don't understand it, don't do it and if you understand it, you'd never do it". As ASIC detects more and more fraudulent activity, it's important to understand how your Superannuation is being managed. #Superannuation #Super #Retirement #Saving #Fraud #Advisors #ASIC

12.01.2022 Death Benefit Nominations - Charles Page, Director. Knowing that your Superannuation will go to who you want it to upon your death is one of the major reasons fro taking control of your Superannuation. Where once there were two certainties Death and Taxes we should now add a third, Superannuation. ... Yes indeed Superannuation as it will be the largest asset for more and more of us because of balances accumulated over time and the proceeds of life insurance upon death. It is important to know that Superannuation benefits do not automatically form a part of your estate so you need to take time to make sure your Superannuation goes where you want it to. Whilst a Binding death benefit nomination will provide certainty of what must happen with your superannuation you need to make sure the binding nomination does not lapse over time or becomes irrevelvant as your circumstances change. Recent court decisions established what happens when Binding Nominations that lapse or executors of an Estate and Trustees of a Super Fund have conflicts of interest. For some the court decisions were not what was expected as nominations were lapsed or irrelevant The wrong binding death benefit nomination will mean more tax paid and the benefit being paid to the wrong people. Both of these circumstances defeat the purpose of accumulating your superannuation over the last 20 or 30 years. You have a duty to make sure your superannuation is dealt with in the way you want not as directed by the courts.

12.01.2022 We live in an ever changing world. Let us begin with a new Prime Minister Whilst there have been murmurings that many things needed to change with Australia’s Tax regime, there were nearly as many things deemed to be not on the Agenda of a Tax review, including GST and Superannuation. However, in this ever changing world, that may no longer be the case for Superannuation or GST.... Let us look at some interesting comments that Michael Pascoe from the Sydney Morning Herald shared on the matter... Click to read more. #superannuation #auspol #tax #retirement

12.01.2022 Time for a look at the Selfie. Whatever happens in the debate as to whether tax concessions to superannuation are a cost to the economy or of long term benefit, evidence still supports the continuing growth of people wanting to establish a Selfie. A Selfie being a Self Managed Superannuation Fund not the modern trend for photographing yourselfor with a particular celebrity! Read more on this story on our blog.

12.01.2022 Maybe you're a beef producer who wants to go to the largest Livestock show in the world and visit state-of-the-art cattle and farming enterprises in Texas USA. Maybe you've always wanted to go to Houston. Or maybe you're a Dean Martin fan.... Whichever it is, Powers is offering you the opportunity of a lifetime! Powers are putting together a 12 day Study Tour from 1 March 2016 13 March 2016 to the Houston (Texas) Livestock Show for 25 people. We will be securing group booking rates and the expenses incurred may equate to a tax deduction. We would love to hear from you if you would like to secure a place on the Tour. More information will be released at the end of October and numbers and bookings will need to be confirmed by 5pm Monday 30 November 2015. For more information please contact Martin Pentecost ([email protected]) 07 4928 1555 or Ingrid Maddox ([email protected]) 07 4995 6655. If you know anyone who might be interested, please Share this link with them: http://www.powers.net.au//exclusive-client-opportunity-ho/ #houston #deanmartin #livestock #studytour #exclusive #texas #USA #March16

08.01.2022 As the world continues on forever changing, is it still true that the world is an amazing place? where Human DNA is 50% the same as that of a banana!? Let’s review some recent phenomena #PokemonGo #SMSF #DeathAndTaxes