Pre-30 June Super Contributions

Perhaps you are thinking about making a superannuation contribution before 30 June in order to claim a tax deduction to minimise this year’s tax.

As a reminder, if you are aged under 65 years, you can generally do this providing you have not received any wages income from a third party i.e. you are self-employed.

If you are 65 years or older but under 75 years, you need to satisfy a “work test” in order to be able to make a contribution into super.

To satisfy the work test, you must be employed for at least forty (40) hours during a consecutive thirty (30) day period in the financial year in which the contribution is made.

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Shiny Investments

The purchase of precious metals as a self managed superannuation fund (SMSF) investment is growing in popularity.

Whether it be a hedge against currency devaluations or insurance against loose central bank monetary policy, the purchase of gold or silver for your SMSF is one of the easiest investments you can make.

However, there are some guidelines you need to adhere to.

Firstly, you need to make sure your trust deed specifically includes precious metals as an allowable investment.

There are three (3) ways to invest in gold. Unallocated. allocated and physical.

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Can I Do It?

Although “collectable” items are allowed as part of a self managed superannuation fund’s (SMSF) investment strategy, the laws limit the amount of personal enjoyment they bring to you personally as a member of a SMSF.

Perhaps you have toyed with the idea of buying a vintage car or antique jewellery to place within our SMSF.

The good news is that it can be done. The bad news is that you cannot be seen to be receiving any personal enjoyment from owning these types of assets.

For example, if your SMSF owns a vintage car, you cannot enjoy driving that car and can be even considered to have breached the rules if you attempt to drive the car to the mechanic just for maintenance and restoration work.

However, a person who is not a related party can do so but only for maintenance and repair work.

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Are You A Thrill Seeker

When it comes to protecting your income a lot of people assume they will be covered by their employer’s Workers Compensation policy.

In Queensland, this is provided by WorkCover Queensland.

Workers compensation insurance assures that workers are financially compensated if they are seriously injured due to negligence on the part of the employer.  Once the worker receives the financial assistance they lose the right to sue their employer for negligence.

On the other hand, income protection is designed to provide a monthly benefit if a person is unable to work due to an injury or sickness.

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