Third State Grant Applications
14th September 2020
The Victorian Government has now announced they will be providing a third business support payments. The amount of grants available from this program range from $10,000 to $20,000 depending on the business’ annual payroll. To be eligible for a grant from this program, applicants must:
- operate a business located within Victoria; and
- participate in the Commonwealth Government’s JobKeeper Payment scheme; and
- employ people and be registered with WorkSafe; and
- have had an annual payroll of less than $10 million in 2019-20; and
- be registered for Goods and Services Tax (GST); and
- hold an Australian Business Number (ABN); and
- be registered with the responsible Federal or State regulator.
An eligible business will receive:
- $10,000 if its annual payroll is less than $650,000
- $15,000 if its annual payroll is between $650,000 and $3 million
- $20,000 if its payroll is between $3 million and $10 million.
We will be contacting our clients we believe are eligible for the new grant, however if you would like to talk to us about this grant, please feel free to contact our friendly staff. Please note that the State Government has been known to change eligibility criteria before the applications open.
https://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/business-survival-and-adaptation-package/business-support-fund-3
JobKeeper ATO Revised Provisions
7th August, 2020
The Australian Government has redefined the rules surrounding the JobKeeper payments as follows.
Businesses will now only have to prove they are down for the previous quarter when reapplying for the JobKeeper payments as opposed to the original ruling that stated that the business had to be down for pervious two quarters and previous three quarters for the Oct-Dec and Jan-Mar quarters respectively. This will result in more people being eligible given the Stage 4 Lockdown currently in force in Victoria, as businesses that were getting back on their feet in the Apr-Jun or Jul-Sep quarters but are now shutdown are more likely to be eligible under the new rules.
We will be contacting our clients when it is time to reapply for the JobKeeper payments and, just like the first enrolment, asking them to prove that they are 30% down, upon which time, we will enrol for you.
https://treasury.gov.au/sites/default/files/2020-08/Fact_sheet-JobKeeper_Payment_extension.pdf
Lockdown Stage Four
4th August 2020
Premier Daniel Andrews announced 3 lists that will apply during Stage 4 restrictions. These changes, in addition to the previous restrictions, will mean around 1 million Victorians are no longer moving around the state for work.
Industries where onsite operations will have to cease for the next 6 weeks include
- retail
- some manufacturing
- administration
Due to Stage Four restrictions we will be forced to close the Office from Wednesday evening 5th August.
We highly value our clients and we will be here to support you and your business needs; contact us by phone or email at 9775 5700 or manager@lakewoodaccounting.com.au
While working remotely, we ask for you patience and understanding as we continue to complete your work as soon as possible.
For dropping off documents, please contact our friendly staff and we will arrange for a contactless document drop.
For more information
https://www.vic.gov.au/coronavirus-covid-19-restrictions-victoria
JobKeeper Extension
22nd July 2020
Yesterday, the Australian Government update the country on the JobKeeper Payments. The rulings and payments have changed slightly, however all changes reflect an effort to transition people back into normal life, rather than living on government support. The changes are as follows.
JobKeeper payments will be extended until the end of March 2021. However, unlike the original JobKeeper system, business will have to reapply each quarter to prove their revenue is still down at least 30%. Additionally, the amounts for each employee has been reduced as well.
For payments between the dates of 28th September 2020 until 3rd January 2021, the amount per full time employee is $1200 and part time is $750 per fortnight
Payments between 4th January 2021 and 28th March 2021 will be $1000 per fortnight for full time employees and $650 for part time.
Like last time, we will be looking after all our clients and applying for JobKeeper on their behalf
https://treasury.gov.au/sites/default/files/2020-07/Fact_sheet-JobKeeper_Payment_extension.pdf
Ongoing Service
21st July 2020
Lakewood Accounting's highly trained team are still at the office to support you and any of your taxation and financial needs.
We will continue to be here for our valued clients, no matter the lockdown situation within Victoria. We are all setup and ready to work from home should the need arise. We will always be here acting as an anchor for our clients in this trying time.
Victorian Business Support Fund - Expansion
Updated 3 August 2020
The Victorian Government announced that Stage 3 ‘Stay at Home’ will be in reinstated across metropolitan Melbourne and Mitchell Shire from 11:59 on 8 July 2020 and now Stage 4 Lockdown for the Melbourne Metropolitan area effective 6pm 2nd August 2020 to help slow the spread of coronavirus (COVID-19) in Victoria. These restrictions will be in place for six weeks and will then be reviewed by the Chief Health Officer. Severe Work restrictions to come into force as of 11.59 pm on 5th August 2020.
Businesses within metropolitan Melbourne that are affected by the Stage 4 restrictions may be eligible for a one-off, $10,000 grant under the Business Support Fund - Expansion program. This replaces the $5,000 announced on the 8th July 2020. Any businesses that applied or were granted the previous $5,000 expansion grant will not have to re-apply.
Regional Businesses affected by the Stage 3 Stay at Home restrictions will be eligible to apply for a $5,000 grant.
Applications for the program close on 14 September 2020.
This program is in addition to the first round of the Business Support Fund, which closed on 1 June 2020.
Small businesses are eligible if they meet all these criteria:
- Employ staff
- Have been subject to closure or is highly impacted by shutdown restrictions announced by the Victorian Government to-date.
- Have a turnover of more than $75,000
- Have payroll of less than $650,000
Remember our staff while working remotely, are ready to assist you helping ensure that your business emerges on the other side of this pandemic.
COVID-19 Second Wave Lockdowns
8th July 2020
Due to the Victorian Governments newest Melbourne Metro Lockdown, we will be offering remote appointments as well as face to face appointments beginning 9th July 2020.
We have made the decision to transition many of our appointments to telephone appointments for your convenience during this time. Anyone that currently has an appointment, on or after the 9th July 2020 may be contacted by the friendly team at Lakewood Accounting regarding their choice to change the appointment to telephone or Skype.
We also have our new Client Portal available to all our clients, this will facilitate the secure transfer of documents from us to you.
Telephone appointments can still expect the highest level of customer care and attention, simply over the phone instead of in person.
If you have any issues or queries regarding upcoming appointments, please give our attentive team a call (03) 9775 5700.
Tax Deductions – What Can I Claim?
28th June 2020
It is nearly the end of the financial year, which means its nearly time to do your tax return. And to get your maximum return, you need to start organising your deductions.
To claim a tax deduction, you must be able to show what you spent the money on, when you spent it, and where you spent it (the supplier or store).
Here is a list to get you started. If you think you may be able to claim any of these deductions, start getting your information together and ask us for advice.
Home office expenses
Many people who don’t usually work from home, have been doing so this past year due to COVID-19. If this is you, or if you run a business from home, you will have some tax deductions. There are different ways of calculating your home office expenses, so please talk to us about which method is best suited to your circumstances. Please bring to your appointment evidence of each of the following expenses:
- Internet Expenses
- Electricity Bills
- Gas Bills
- Home and Contents Insurance
- Rent (if renting)
If you had to set-up a home office, we may be able to claim a portion of the furnishing and equipment as well.
Work-related car expenses
If you use your personal car for work-related trips, such as driving between offices, driving to the Post Office or bank for work, or travelling between different job sites, you can claim these as a tax deduction. There are two options for this:
Set Rate Per Kilometre Method: You can provide an amount of work-related travel (in kilometres). This will be then used with the ATO’s set rate to calculate the deduction. This can only be used up to 5000kms per year.
Logbook Method: A minimum log book period of a continual 3-months (13 weeks) must be kept, showing both opening and closing odometer readings and all business related travel in between. This method requires all vehicle receipts to be kept such as fuel, registration, insurance, maintenance and loan repayments, etc.
Remember that you must be the owner of the car and simply driving to and from work is not claimable.
Mobile phone expenses
You can’t claim the whole cost of your mobile phone, but you can claim the cost of any work-related calls, texts and data.
Uniform
If you had to purchase any protective clothing or uniforms, you can claim these expenses. You can also claim any washing expenses for your uniforms, however, please remember that if you are working from home and are not required to wear uniform, you cannot claim washing for this time.
Self-education expenses
If the course you are doing is directly related to your work, you may be able to claim the cost of:
- Textbooks and professional journals
- Stationery
- Photocopying
- Computer expenses
- Course Fees (that are not deferred)
- Student union, services and amenities fees
- The cost of meals and accommodation if the course requires you to be away from home, and
- If you have a room set aside specifically for study, this room acts as your home office, please see ‘Home Office’ for relevant expenses.
Union fees
You can claim the cost of your Union fees, as well as membership fees for other industry bodies specific to earning your income.
Donations
Keep your receipts! Donations of $2 or more to an approved charitable organisation are tax deductible.
Income protection insurance
If you have income protection insurance, it can be a tax deduction. This does not usually include other insurances such as life insurance, trauma insurance or critical care insurance. Please ask us for more information.
Rental property expenses
If you have a rental property, there are many deductions you may be able to claim. As well as the usual ones you probably already know about, you may also be able to claim bank fees, gardening and lawn mowing, pest control, security patrol fees, secretarial and bookkeeping fees.
Cost of managing your tax affairs
If you used a tax agent to prepare your tax return last year, you can claim that cost in this year’s return.
Investments
If you have bought or sold any investments in the last year, such as shares or property, please bring evidence of these to your appointment, to determine any tax implications.
Homebuilder Scheme
14th June 2020
Homebuilder is a time limited grant by the Federal Government, aimed to stimulate the building sector after COVID-19. Homebuilder provides homeowners with a one time grant of $25,000 to build a new home or renovate an existing home.
Homebuilder applications will need to satifsy the following criteria.
- Home is owner occupied
- Applier is an individual (not a company or trust)
- Aged 18 or older
- Are an Australian Citizen
- Are below $125,000 gross income, or below $200,000 as a couple
- Build a new PPR (Principle Place of Residence) valued below $750,000
- Substantially renovate existing PPR, where value does not exceed $1.5 million and renovation contract is between $150,000 and $750,000
- Contract must be signed between 4th June 2020 and 31st December 2020. Work must begin within 3months of contract date
Remeber that the renovations must be to improve accessibility, safety or liveabilty of the home, and therefore cannot be used for additions such as swimming pools, tennis courts, outdoor spas and saunas, sheds or detached garages.
https://treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder.pdf
Instant Asset Write-off for your Business
3 June 2020
Now might be a great time to upgrade the Business assets to help you come out of the Covid-19 pandemic with newly vitalised business assets and kick start the 2021 Financial Year ahead of your competitors.
Under instant asset write-off eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use.
Instant asset write-off can be used for:
- multiple assets as long as the cost of each individual asset is less than the relevant threshold
- new and second-hand assets.
It cannot be used for assets that are excluded from the simplified depreciation rules.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business's eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use.
Changes from 12 March 2020
From 12 March 2020 until 30 June 2020 the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
Victorian Business Support Fund - Update
7 March 2020
On the 16th of March, the Victorian Government announced a $500 million Business Support Fund to help business that have been affected by the COVID-19 Pandemic. The rules have now been changed and we will highlight these new guidlines below,
The once off, $10,000 grant can be applied for if your business has been 'Highly Impacted' by the restrictions.
Small businesses are eligible if they meet all these criteria:
- Employ staff
- Have been subject to closure or is highly impacted by shutdown restrictions announced by the Victorian Government to-date. For more information on affected sectors refer to the Non-Essential Activity Directions issued by the Deputy Chief Health Officer.
- Have a turnover of more than $75,000
- Have payroll of less than $650,000
The Victorian Government have now expanded the criteria for eligibility, if your application was denied previously, they will now reconsider the application themselves, there is nothing more that needs to be done.
Businesses will be required to attest to their eligibility and provide supporting documentation (including BAS statements) through the application process. Applicants will be subject to audit by the Victorian Government or its representatives.
There is currently 25 days left to apply for this program.
If you wish to discuss your eligibility or apply for a grant, dont hesitate to contact us, your business partners.
JobKeeper Payment - Employers Enrol From Today
20 April 2020
Today in the Australian Taxation Office has release the enrolment application for the JobKeeper Payment, here's what that means for your business:
WHAT IS THE JOBKEEPER PAYMENT?
The JobKeeper Payment is a payment made to eligible businesses and not-for-profits affected by the Coronavirus to support them in retaining employees. Eligible businesses that elect to participate will receive a payment of $1,500 per fortnight per eligible employee to support the people they employed as at 1 March 2020 who are retained in employment. Businesses must have paid their employees before they are entitled to receive the JobKeeper payment. Where an employee’s total remuneration is less than $1,500 per fortnight (before tax), or has been stood down, the employer must provide the employee at least $1,500 per fortnight (before tax). Where an employee earns more than $1,500 per fortnight, employers can use the payment to subsidise the employee’s wages. Self-employed individuals will also be eligible to receive the JobKeeper payment.
WHEN WILL THE JOBKEEPER PAYMENT COMMENCE?
The JobKeeper Payment will be available from 30 March 2020 payable fortnightly, 1st payroll period ended 12 April 2020.
HOW LONG WILL THE JOBKEEPER PAYMENT LAST FOR?
The JobKeeper Payment will be available for the period until 27 September 2020
IS MY BUSINESS ELIGIBLE?
Employers (including not-for-profits) will be eligible for the subsidy if their business has a turnover of less than $1 billion (and if part of a group for income tax purposes, the group has a combined turnover of less than $1 billion) and estimate their turnover has fallen or will likely fall by 30 per cent or more. JobKeeper Payments are paid in respect of each eligible employee who was employed at 1 March 2020 and is currently employed by the business (including those who are stood down or re-hired).
WHAT DO I NEED TO DO IF I WANT TO PARTICIPATE?
Employers need to register by contacting their Tax Agent or using their Business MyGovID. Employees need to contact their employer
The team at Lakewood Accounting ready to help with your enrolment. Please feel free to contact us.
WHEN WILL I RECEIVE THE FIRST PAYMENT?
The first payments by the ATO will be received by employers in the first week of May.
HOW OFTEN WILL THESE PAYMENTS BE MADE?
The payments will be made by the ATO monthly in arrears.
https://treasury.gov.au/sites/default/files/2020-04/JobKeeper_frequently_asked_questions_2.pdf
Superannuation Access - Covid19 Stimulus
06 April 2020
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months (exact timing will depend on the passage of the relevant legislation which is yet to passed).
Eligibility To apply for early release you must satisfy any one or more of the following requirements:
- you are unemployed; or
- you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- on or after 1 January 2020: you were made redundant; or your working hours were reduced by 20 per cent or more; or if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.
People accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
If you are eligible for this new ground of early release, you can apply directly to the ATO through the myGov website: www.my.gov.au.
To ensure you receive your payment as soon as possible, you should contact your fund to check that they have your correct details, including your current bank account details and proof of identity documents.
Timing You will be able to apply for early release of your superannuation from mid-April 2020.
Retirees will also be able to withdraw less from their Super funds temporarily with legislation which reduces super minimum drawdown requirements for account-based pensions (income accounts) and similar products by 50 per cent for the 2019/20 and 2020/21 income years.
|
Age |
New minimum drawdown |
|
Under 65 |
2 |
|
65–74 |
2.5 |
|
75–79 |
3 |
|
80-84 |
3.5 |
|
85–89 |
4.5 |
Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF). Further guidance will be available on the ATO website: www.ato.gov.au.
We are there to help you through this and any other issues regarding stimulus measures. Lakewood Accounting - Your Business Partners
Victorian Business Support Fund
02 April 2020
On the 16th of March, the Victorian Government announced a $500 million Business Support Fund to help business that have been affected by the COVID-19 Pandemic.
The once off, $10,000 grant can be applied for if your business has been 'Highly Impacted' by the restrictions.
Small businesses are eligible if they meet all these criteria:
- Employ staff
- Have been subject to closure or is highly impacted by shutdown restrictions announced by the Victorian Government to-date. For more information on affected sectors refer to the Non-Essential Activity Directions issued by the Deputy Chief Health Officer.
- Have a turnover of more than $75,000
- Have payroll of less than $650,000
Businesses will be required to attest to their eligibility and provide supporting documentation (including BAS statements) through the application process. Applicants will be subject to audit by the Victorian Government or its representatives.
If you wish to discuss your eligibility or apply for a grant, dont hesitate to contact us, your business partners.
JobKeeper Payment
31 March 2020
Yesterday the Australian Federal Government announced a JobKeeper Payment to assist employees and employers to stay connected. Businesses affected by the Virus including those who have been forced to hibernate/close will be eligible to apply for assistance.
If you run a business that has been severely affected by the Covid-19 outbreak (30% reduction in revenue) or are employed by a business that has been affected, you may be eligible for a regular payment of $1500 per fortnight before tax for maximum period of 6 months. The payment covers employees that, as of the 1st March were employed full-time or part-time and also covers casual employees that have been employed for 12 months in their job.
These packages are designed to increase business cashflow. If you have any question regarding your own business feel free to contact the team at Lakewood Accounting
Economic Stimulus Package
13 March 2020
Yesterday the Australian Government announced a $17.6 Billion stimulus package designed to keep the economy afloat. The effects are far reaching and complex, but we aim to simplify it here for you.
- The Instant Asset write off has been increased up to $150,000, until the end of this financial year.
- Accelerated Depreciation will allow any assets purchased to be written down by an extra 50% in the purchase year, until the end of the 2021 Financial Year
- Businesses will receive 50% of their BAS or IAS statements back for the 3rd and 4th Qtrs of the 2020 Financial Year
- Businesses that have an apprentice, for the 9 months between 1 January 2020 to 30 September 2020, 50% of the apprentices' wages will be subsidised
These packages are designed to increase business cashflow and investment. If you have any question regarding your own business feel free to contact the team at Lakewood Accounting
https://www.pm.gov.au/media/economic-stimulus-package
Powers of Attorney
Directors of Companies - especially sole Directors. What happens to your company (and the bank account) if you are incapacitated?
A Power of Attorney (POA) could be the answer. A POA can step in to your shoes should the need arise meaning your business and bank account can continue to operate. However, there is some danger if the Attorney uses there powers improperly. For more information please call us on (03) 97755700.
A Power of Attorney is legal document allowing you to appoint someone to act on your behalf.
When in force, the signature of the person you appoint as your Power of Attorney has the same legal force as your own.
The laws governing a Power of Attorney vary from state to state.
There are different Powers of Attorney, each with a different purpose:
- General Power of Attorney,
- Enduring Power of Attorney, and
- Enduring Guardian / Medical Power of Attorney/ Advanced Health Directive
|
Powers of Attorney |
|
|
General Power of Attorney |
|
|
Enduring Power of Attorney |
|
|
What happens if I don't have an Enduring Power of Attorney |
|
|
Power to make medical and lifestyle decisions |
Having an enduring power of attorney allows someone to make financial decisions on your behalf, but what about decisions that will affect your way of life? It is important to have someone you trust to make medical decisions in the event of your illness or incapacity. You can choose a person to make medical and lifestyle decisions on your behalf, depending on the state you live in, with a:
Enduring guardian
An Enduring Guardian allows you to nominate someone to make health care decisions on your behalf. It is not revoked if you lose your mental capacity.
Some of the decisions that a Guardian can make include:
Medical power of attorney
A Medical Power of Attorney allows the person nominated to make medical decisions on your behalf, in the event of you being ill or incapacitated and unable to make decisions.
Unlike an Enduring guardian, a medical power of attorney does not allow the nominated person to make decisions affecting your lifestyle.
Advanced health directive
An advanced health directive also allows you to nominate the types of medical treatment or care you do or do riot want to receive in the event to you become unable to make the decisions for yourself.
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What's the difference between an Enduring Guardian and an Enduring Power of Attorney? |
An Enduring Guardian makes medical and lifestyle decisions for you, whereas an Enduring Power of Attorney manages your financial and legal affairs.
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Asset Protection
Every small business person wishes to build their dream business with the aim to retire with a comfortable lifestyle. Is that lifestyle funded from the business continuing to operate under management or does the business get sold and the proceeds invested. Is superannuation (with its concessional tax environment) used to hold the proceeds?
Whichever way, it is important to protect the Assets that the business creates. This include the income that you create along the way. . This is likely to be your biggest asset in your lifetime. A simple calculation is to take your current gross salary and multiply it by the number of years before you retire eg: a 40 year old earning $120,000 per annum will earn $3 million (25 years * $120,000). This does not allow for pay rises, inflation or promotions.
If you do not have Income Protection insurance please contact us immediately on (03) 97755700.
Self Managed Super Funds
Is a SMSF right for you?
Whether you should establish a SMSF depends on a large number of factors. The Australian Taxation Office (ATO) has produced excellent material on the issues you should consider. The material can be referenced at the following web page:
https://www.ato.gov.au/Super/Self-managed-super-funds/
Although this material is lengthy we recommend you read this material so you have a good understanding of your obligations. The reason you should read and understand this material is that you are ultimately responsible for the SMSF and should you not comply with your legal requirements you may be subject to heavy penalties. These penalties can be fines or extra tax which could result in losing up to 45% of the funds value.
Do you have the time, skills and knowledge required in running a SMSF? Some of the more important issues are:
- Maintaining the SMSF for the sole purpose of providing yourself retirement benefits or death benefits to dependents
- Rules regarding contributions and payments
- Preparation of accounts
- Reporting obligations to the ATO
- Keeping the accounts separate from other accounts you have.
- Prohibition on lending money or providing financial assistance to members or member’s relatives
- Obligation to have a written investment strategy which includes insurance
- Having an exit strategy in place should the SMSF no longer be appropriate. This is covered on the ATO website stated above in the section “Winding up”
No access to financial assistance
It is important you are aware that you do not have access to the government’s financial assistance program that is available to trustees of Australian Prudential Regulation Authority (APRA) regulated funds in the case of financial loss due to fraudulent conduct or theft. For example, if, as a trustee of a SMSF, you invest in a particular investment and that investment falls in value due to fraudulent conduct or theft of someone related to that investment then you cannot claim financial assistance.
No access to the Superannuation Complaints Tribunal (SCT)
The SCT provides superannuation members the opportunity to complain about certain trustee decisions. When you establish a SMSF you will lose this access to the SCT. Instead you may have to rely on regular court actions.
Costs associated with establishing, running and winding up an SMSF
The following is a list of costs associated with SMFSs:
|
Type of cost |
Unavoidable cost |
Optional |
|
Costs associated with setting up an SMSF |
Costs for a trust deed |
Costs for establishing a corporate trustee, including the ASIC fee for establishing a corporate entity |
|
Ongoing costs associated with operating an SMSF |
The annual SMSF supervisory levy (collected by the Australian Taxation Office), the annual independent audit fee, costs to produce an annual financial statement and tax return, and (when required) the fee for annual actuarial certification |
Costs for amending the trust deed of the SMSF, professional investment advice fees, accounting and book-keeping fees, and investment management fees. |
|
Types of costs associated with winding up an SMSF |
Costs will include both compliance costs and costs related to realising assets. The nature of some of these costs will depend on the assets the SMSF invests in, but might include brokerage or agent fees. |
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|
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Other costs |
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The ‘opportunity cost’ associated with managing an SMSF |
The time associated with managing an SMSF results in an ‘opportunity cost’ for the trustee. This cost is often overlooked as one of the costs associated with an SMSF structure. |
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Insurance costs |
An employer’s default superannuation fund must offer a minimum level of life insurance, and so most investors will have some insurance cover through their APRA-regulated superannuation fund. An SMSF’s investment strategy needs to consider whether the trustees of the fund should hold insurance cover for one or more members of the fund. The costs of obtaining such insurance through the SMSF may differ from the cost of holding similar insurance through an APRA-regulated superannuation fund because of, for example, the lack of any ‘bulk discount’ for the SMSF. |
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|
Investment costs |
There will be costs associated with making investments through the SMSF. These costs will vary depending on the nature of the asset and also the frequency with which assets are bought and sold within the SMSF. |
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Continued suitability of an SMSF
If your SMSF falls below a balance of $200,000, we may need to reassess whether the SMSF continues to be appropriate for you and if you are in a better position than that being in a retail/WRAP fund.
Your continued capacity, capability and time commitments should also be considered.