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understanding the ess changes five things you need to know

Understanding the ESS changes. Five things you need to know.

 

There have been some recent changes to the tax rules when it comes to employee share schemes. There has been an attempt to make them more appealing for employer and employee participation.

 

The changes to the ESS were significant as of 1 July 2015. They allow for a more extended tax deferment. There are some new rules for startup companies.

 

There are five significant changes to take note of.

  1. Changes to the tax treatment of these employees go into effect as of 1 July 2015.

It will be applied to interest in shares, stapled securities, option to acquire shares, and rights when it comes to dealing with the stapled securities.

 

  1. There are additional concessions that can be used by startups.

Under the new rules, employees are allowed to have a 15 per cent discount when they are working with a startup company, and this amount is tax-exempt. When employees sell them for making a profit, they may be subject to being taxed.

To be considered a startup the company has to be in business for less than ten years, have no equity interest listed on the stock exchange, and cannot have a turnover of fewer than 50 million dollars.

For a concession to apply to a company, the ESS must meet the following:

    • When working with interested that is issued under the ESS, and the shares cannot have a discount that is greater than 15 per cent of the market values.
    • The rights under the ESS must have a strike price that is SS that is great then or more than the market value from the company.
    • The employee mist holds this stock and any interest that they make for at least three years.

 

  1. When going for a tax-deferred scheme, the taxing point can be deferred from the date of the exercise.

This change can delay the first taxing point. The taxing point will be deferred if

Employees can exercise their right to have no risk forfeiting if there are no restrictions on getting rid of the share.

All ESS investments with no risk of forfeiting the internet and restrictions on the sales are removed.

There are times when the employee can resign for the job.

Interest may be deferred up to 15 years after the ESS were obtained.

 

  1. Requirements for Significant Ownership and Voting Right Limits have stopped.

The limits on voting power went up from 5 per cent to 10 per cent. The only ownership had to have a significant investment in the company, but now all shares are looked at.

This will allow the employees to gain a larger share of the company, but it will also look at the shares that they already have.

 

  1. An Income Tax Refund in possible even if an employee does not exercise their rights.

If an employee decides not to exercise their right with ESS but had to pay the taxes up front, they will be given a refund for the money that they have paid on income tax. The refund will be granted if the ESS was able to protect the employee from risk in the market.

These changes have been long-awaited by the tax professionals, including accountants. The changes are welcome by employees.

 

New Standard

The Australian Tax Office has released its standards to make things easier for startup companies. There is information on the website, including how to take advantage of these new offerings.

Do you think you may qualify for these stamp duty concessions? Call BOA & Co. accountants in Chatswood on 02 9904 7886 and our SMSF specialist will be pleased to assist you.

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Do you know about Stamp Duty Concession on certain asset transfers in Self-Managed Super Fund?

Are you a property investor?

Are you a trustee of SMSF?

 

Then you should read this article carefully. 

Aside from the lower tax rates which apply within a self-managed superannuation fund, the trustees of SMSF can also take advantage of the valuable stamp duty concession provided by Revenue NSW.

 

Buying commercial real property under a self-managed superannuation fund (SMSF) is seen as a common strategy. But how about if you have already owned commercial properties? 

 

Not everyone knows that you can also take advantage of the valuable stamp duty concession provided by State Revenue, which could save thousands of dollars in duties and taxes along the way. 

 

This concession can be very significant.  If the SMSF purchases NSW land/property from a member with a market value of $900,000, the duty which would apply (but for the concession) is $35,835.0.  With the concession, the saving in duty is $35,335.0.

 

Here is the current breakdown on stamp duty for property investors or small business owners looking to move property they own personally in to their SMSF.

 

Stamp duty imposed by State and Territory governments should always be considered before transferring land to an SMSF. Concessions or exemptions from duty may be available depending on the State or Territory.

 

Reminder:  the land/property must be business real property owned in the personal name of the member of SMSF rather than a company. Certain trust is also eligible as a landowner but please check with our SMSF specialist at BOA & Co.  

 

The following tables set out the details of the stamp duty offices and relevant provisions of the relevant legislation in each State and Territory. This is up to date as at 27 February 2017.

 

NSW

Transfer to an SMSF
Duty payable $500 subject to conditions being met. Previously $50 but increased 01/07/2014. Depending on the documentation in place for the transaction you may be able to apply for a retrospective re-assessment and obtain a refund. An SMSF specialist lawyer would be able to advise you on this.
Relevant provisions 62A NSW Duties Act 1997
General description of legislation Nominal duty is charged on a transfer of dutiable property from a person to a trustee of an SMSF where the: transferor is the only member of the super fund or the property is to be held by the trustee solely for the benefit of the transferor (ie property or proceeds of the sale of the property cannot be pooled with property held for another member and no other member can obtain an interest in the property or proceeds of sale), and the property is to be used solely for the purpose of providing a retirement benefit to the transferor.
Documentation Evidence that it is a complying SMSF as at the date of the agreement/transfer, copy of minutes of meetings of the SMSF stating the intention to have the property transferred to it and confirm that the property was owned beneficially by the transferor member, copy of the SMSF trust deed or a variation to it, showing a non-revocable clause that the property is segregated for the transferor member’s benefit only (follows wording in section62A(2))
Legislation Duties Act 1997 (NSW)
Legislation website http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/
Office Office of State Revenue
Website http://www.osr.nsw.gov.au

 

VIC

Transfer to a super fund

Duty payable No duty subject to conditions being met
Relevant provisions Section 41 Vic Duties Act 2000
General description of legislation No duty is charged in respect of the transfer of dutiable property made without monetary consideration to a trustee of a super fund, where there is no change in beneficial ownership (again, the property must be held in the personal name of the member and not a company name). A transfer of property to a trustee of a super fund by a beneficiary of the fund does not, for the purposes of this section, effect a change in the beneficial ownership of the property.
Documentation Documents are required – refer to ‘Evidentiary Requirements for Dutiable and Exempt Transactions’ on SRO website
Legislation Duties Act 2000 (VIC)
Legislation website http://www.austlii.edu.au/au/legis/vic/consol_act/da200093/
Office State Revenue Office (SRO)
Website http://www.sro.vic.gov.au/land-transfer-duty

 

QLD

Transfer to a super fund

Duty payable Ad valorem duty applies
Relevant

provisions

No provision for exemption or concession from duty
General description

of legislation

A transfer of dutiable property is a dutiable transaction.
Documentation Duties office form and documents are required.
Legislation Duties Act 2001 (QLD)
Legislation

website

http://www.austlii.edu.au/au/legis/qld/consol_act/da200193/
Office Office of State Revenue
Website http://www.osr.qld.gov.au/duties/index.shtm

 

There are also other conditions which have to be satisfied. For example Revenue NSW requires evidentiary documentation before these concessions can be granted. 

Do you think you may qualify for these stamp duty concessions? Call BOA & Co. accountants in Chatswood on 02 9904 7886 and our SMSF specialist will be pleased to assist you.

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smsf property investment

5 Mistakes on Self-Manged Super (SMSF) Property Investment

Deciding on getting into property investment through the self-managed super fund or SMSF is something worth considering. If you take into consideration the volatility of the stock market, low-interest rates, and tax concessions, it makes a lot of sense. So what do you need to know?

 Here are 5 Common Mistakes when considering property investment through SMSF

  1. High leverage on SMSF property investments
    • Heavily rely on bank loans when investing property within SMSF might be problematic. High loan-to-value ratio (LVR) could be feasible when investing elsewhere but SMSF loan is more strict and less options in loan market. Most lenders require positive cash flow (i.e. no Negative Gearing allowed) considering acquisition of property in SMSF.
    • Having a combined balance of $200,000 for husband and wife investors could be a starting point of thinking property strategy in SMSF. 
    • The loan-to-value ratio is lower for an SMSF loan than for residential property from most of the lenders. You would need a 25-30% or more deposit when borrowing to buy a property.
    • Lenders view SMSF loans as riskier, and hence a high-interest rate because they consider it a commercial loan even if it purchases residential properties. 

     

  2.  Buying an inappropriate property
    • Not getting a good return on investment, invest in areas that overly supplied or show inconsistent capital growth.
    • Balancing with right rental yields and capital growth is critical. Thinking high capital growth without required rental income leads to insufficient cash. 
    • Investing in bad or volatile areas could make you lose your money quickly.
    • Consider supply vs. demand. You will get good rental returns if you get a good location with low supply

     

  3. Carefully buying off-plan in SMSF
    • Buying off-plan can be a risky move if you do not do your numbers correctly.
    • Undertake a cash flow analysis into your fund with a buffer because you might guess wrong after a few years when settlement, it might not be as what you thought initially. For example considering higher interest rates and lower rental income when doing the analysis.
    • Improper valuation and conservative quotes by banks can lead to problems in future. 
    • If you must buy off-plan, purchase somewhere with strong demand and solid rental return. You avoid the oversupply of apartments that are prevalent in some areas.
  4. Too late to start SMSF property investment
    • Aim to invest for long term (a minimum of 10 years), before the retirement age of 65.  Never too early to start SMSF just to do the maths right. 
    • If possible, start as early as 45 to realise the true potential of investing
    • Investing in property is typically for 10 to 20 years; banks are wary of short-term loans
    • If you are pooling funds from other members, you must also consider their ages, how close they are to retiring, risk tolerance and your ability to manage the funds to the advantage of all members

     

  5. All in property is risky
    • Property is good investment asset to be held in super, but still needs to diversify.
    • Right level of cash reserve mixed with other liquidiable investment is healthy strategy just because real estate is not liquidable asset with a higher transactional cost when selling.
    • Diversify your SMSF to have a well-rounded portfolio
    • Have a good buffer of assets and only invest in property when you have sufficient resources

Do you need professional assistance for your next investment? Call BOA & Co. accountants in Chatswood on 02 9904 7886 and our specialists will be pleased to assist you.

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BOA & Co. Policy changes

Policy Changes for SMSF Customers & Those Requesting Interest Only Lending

Policy and Process Changes for SMSF Customers & Customers Requesting Interest Only Home Lending.

Today, BOA & Co. is implementing policy and process changes for when we lend to Self-Managed Super Funds. These changes will apply to both Home Lending and Business Lending products.

On Saturday 1 July 2017 some additional changes will be implemented for Interest Only Home Loans to ensure Boa & Co. continue to apply responsible lending practices when assessing a customer’s ability to service existing and proposed debts.

These changes will help us protect the interests of our customers and ensure we continue to meet our regulatory requirements.

What’s changing?

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澳新银行(ANZ)调整自雇贷款者收入证明材料要求

近日,我们收到了来自澳新银行商业发展高级主管Tom Clarke的一封邮件,邮件对澳新银行关于自雇贷款申请人(self-employed borrowers)收入证明文件要求的相关调整进行了介绍。

据统计,17%的澳洲人属于自雇人士,其中包括了近一百万的独立承包商(Independent Contractor)。众所周知,因为没有一周四十小时的“标准工作”,自雇人士自然也不会有“标准收入”(Standard Income)的证明。而这就造成了自雇人士申请贷款时候会遇到很多困难。

调查数据显示,在所有因为工作状态使得贷款申请遭到拒绝的澳洲人里面,有54%是不知道其实他们有第二条路可以选择。也有一些人认为因为他们是自雇人士,他们只能去申请少文件贷款(Low Doc Home Loan),也即意味着更高的利率。然而事实并非如此。因此,对政策不了解的自雇人士,最好及时寻求专业人士的帮助,做好规划

在此,我们对澳新银行的政策调整作简单介绍,以供有意申请贷款的自雇人士参考。

情景 1 缺少评税通知书(Notice of Assessment)

用以下文件代替
1、 贷款人的个人退税单(需由注册的税务代理准备)以及以下文件之一:—— 一份ATO的递交凭证(lodgement receipt)和一封会计师信(accountant letter) 或者—— 之前几年的评税通知书(NOA)和会计师信2、两年的ABN/ACN注册确认信息3、ACN检索结果(用以确认贷款人为公司的董事和股东之一)

以上要求对个体经营,合伙企业,以及信托同样适用

情景 2 证明公司董事费收入

ANZ承认的收入证明文件有
1、作为董事/股东的个人退税记录(需由注册税务代理准备)以及以下之一—— 18个月内ATO的评税通知书,—— ATO税务递交凭证 和 会计师信 —— 前几年的评税通知书 和 会计师信2、公司退税记录,损益表(Profit & Loss Statement), 和十八个月内的资产负债表(Balance Sheet)

以上信息仅供参考,如需具体信息,请及时与我们专业顾问咨询。点此了解更多。

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smsf, self managed super fund

大数据分析!2017年度的自管退休金(SMSF)统计结果出炉!

SMSF即自管退休基金(Self Managed Super Funds),也就是说这种基金的用户通常也是受托人。这就意味着SMSF的用户在遵守养老金和税法条款的前提下自己管理自己的基金。

不久前,ATO公布了15/16年度养老金的对比数据,从数据可以看出来,澳洲的自管养老基金正处于蓬勃发展的上升阶段。

  • 在如今价值2.3万亿的澳洲养老金市场中,自管退休基金占据其中的30%。
  • 截止到17财年的五年时间里,自管退休基金的数量增长26%到597,000,资产总值6970亿澳元。
  • 在15-16年度,自管养老基金资产回报率为2.9%,等同于当年受澳洲审慎监管局(Australian Prudential Regulation Authority,简称APRA)监管的基金公司(APRA Fund,一般为大型基金公司)的资产回报率。而且这是自管养老基金连续五年录得正收益。
  • 在2017年6月30日,57%的自管养老基金选择公司作为受托人之一。
  • 过去五年中,自管退休基金用户的退休金余额(Member Balances)增长了26%,其中女性用户余额增长了30%,而男性用户余额增长了22%
  • 在2016年,成立自管养老基金的人员年龄中位数是47岁,而在2012年为50岁。因此,相比以往,更多的年轻受托人加入了自管退休基金行业
  • 7%的自管养老基金以“有限追索借款”的形式持有财产,略高于去年的6%。
2017年9月的数据更新

  • SMSF的数量增长到了598,620
  • 会员数为1130721
  • SMSF资产总价值估算为7016亿澳元
  • SMSF的资产组成为:上市股票 29%,现金和短期存款 23%,非居住用房地产和非上市信托11%

    BOA & CO. 是一家总部设置在悉尼北岸金融中心(Chatswood)的综合性专业咨询悉尼会计事务所,在财务,税务,融资和信贷领域拥有深厚专业知识和广泛合作伙伴的咨询服务企业。BOA & CO. 拥有澳洲特性注册会计师(Chartered Accoutant),注册理财师 (Financial Planner),澳大利亚税务局注册税务代理(Registered Tax Agent),注册信贷经纪人(Mortgage Borker)的专业资质并且为 Intitue of Chartered Accountant, The Tax Institute and MFAA的专业会员。点此了解更多。

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全方位解读养老金账户,了解在澳洲工作生活的必备知识

什么是退休基金

退休基金,又称养老基金,首先他是一种基金,即投资的方式,和通常所说政府给与年长者的补贴“养老金”不一样,为了区分,下文统称退休基金。

退休基金是一种为自己退休后生活进行投资规划的方式。它最大的优点,退休基金的投资收益仅需支付15%的最高税率

退休基金和其他管理基金很相似,都是通过把你的钱和别人的钱放在一起,由专业的投资管理者替你们进行投资规划而获得收益。差别在于,退休基金只有在退休之后才允许用户把钱从账户里取出来。

如何选择退休基金

绝大部分人都会选择自己喜欢的退休基金进行投资。这需要提前和雇主确认他会帮你把钱存入你选择的基金中。

但是对于某些行业,行业协会会规定退休基金的选择范围,在这种情况下,你的选择就可能会被限制。

在选择好退休基金之后,需要通过递交一份来自ATO的表单(Standard Choice Form)来告知雇主你的选择。否则的话,雇主将会为你选择公司默认的养老基金。

那么,如何选择一个最合适的退休基金呢?下面的表格给大家一个初步概念:

对比项目 如何进行比较
费用 越低越好
投资选择 检查是否有你自己青睐的,或满足自己特殊需要的投资选择以及投资风险是否在可承受的范围
额外投入 你的雇主有可能会向某些特定养老基金为你支付超过9.5%的养老储蓄资金。或者你也可能自己投入额外的资金
运营表现 选择一个过去五年都表现良好的基金,不要只选去年收益最高的那个。
保险 研究保险包括的范围和它的费用
其他服务 打电话咨询或者登录网站查看他们是否提供其他的服务。

切记,有的时候,精心挑选的退休基金和雇主默认选择的退休基金的收益之间,会有相当大的差别。

至于保险方面,以政府官方提供的退休基金MySuper funds为例,它们会默认包含一定程度的死亡保险,残障保险或者是收入保障险。如果你不需要这些保险的话,需要自行告知退休基金管理机构进行取消。

如何把钱存入退休基金

雇主贡献部分

对于大部分人来说,你的雇主强制性需要支付等于你工资9.5%的款项存入退休基金账户。这是你工资以外的部分。在你的工作生涯中,所有的这部分存款累积起来,就组成了所谓的“累计资金”(Accumulationfunds)部分。而你的退休基金会把这部分用于投资,而你最后会一并获得这些投资所带来的收益。

个人贡献部分

你可以通过以下方式往你的账户存入额外的资金:

  • 员工薪酬牺牲(Salary Sacrifice)
  • 自己从薪酬里支付
  • 通过银行账户转钱
  • 退休基金账户间转账

如果你属于低收入用户,并且主动往退休基金里存钱,那么政府也会通过往你的账户存钱的方式给与你每年最多500澳元的补助。

 

退休基金里的钱何去何从

你的退休基金会把你存进基金账户里面的钱用作投资。大部分的退休基金都有多样化的投资选择。通常都包括单一投资项目和复合投资项目。

你的投资收益会很大程度影响你退休基金的增长速度。所以选择合适的投资项目至关重要。

当你退休并达到一定年纪之后,就能够取出养老金里面的钱了。在那个时候你可以一笔取完,或者像工资那样定时部分取出。

BOA & CO. 是一家总部设置在悉尼北岸金融中心(Chatswood)的综合性专业咨询悉尼会计事务所,在财务,税务,融资和信贷领域拥有深厚专业知识和广泛合作伙伴的咨询服务企业。BOA & CO. 拥有澳洲特性注册会计师(Chartered Accoutant),注册理财师 (Financial Planner),澳大利亚税务局注册税务代理(Registered Tax Agent),注册信贷经纪人(Mortgage Borker)的专业资质并且为 Intitue of Chartered Accountant, The Tax Institute and MFAA的专业会员。点此了解更多。

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退休人士卖房收益大福利,最高可存30万养老金

前不久,澳洲政府发布了新的财政预算,里面对税务问题做了很多的改动,我们也第一时间做出了相关解读。详情参考:深度解读!2018澳洲联邦预算案对个人和企业的税务影响!

不过这里要注意的是,新的财政预算案影响的是接下来的一个财年,也就是2019财年的税务情况。而即将到来的17/18财年退税季,则应当参考去年(2017)5月开始发布的新规定。在这里,我们给大家解读一条关于当前财年的新政策,即允许退休老年人将出售房产的部分收益存入养老金账户。

新政策颁布的缘由
政府希望通过给与一定优待的形式,来鼓励退休家庭或个人缩小自已的住房规模,搬进大小适中的房子,以腾出更多空间来容纳更庞大的,或者正在成长的家庭。

新政策的具体规定
从2018年7月1日开始,年纪在65岁以上的老人家可以把出售房屋的收入存进他们的养老金里面。其中每个人的投资上限是30万澳元。

最重要的是,这笔钱不会计入现有的老年人自愿贡献养老金规则和最大限额里面。在目前情况下,政府对自愿贡献税后养老金是有许多限制的。这其中包括,养老金账户余额超过160万的人,无法再通过自愿贡献的方式往养老金账户里面存钱。而从2018财年起,每个人能够往养老金账户自愿贡献的资金,每年不得超过10万澳元。

不过,这次的政策只针对持有时间在10年以上的主要住房(principal place)。而夫妻双方可以分别享受到30万的优待。也就是说说,每对夫妻可以最多往他们的养老金里面直接贡献60万澳元。但是,所贡献的养老金无法超过卖房所得。假设卖房收益为40万澳元,那么夫妻双方一共只能贡献这40万澳元,不过可以通过协商决定让一方贡献30万另一方贡献10万,或者是双方各贡献20万澳元。

将钱投资进养老金的好处

把钱贡献进养老金有很多好处,首先,个人可以把养老金账户里面的钱转成retirement phase,这部分资金所获得的收益将无需缴税。目前个人转换的限额是160万澳元,会随物价指数上涨。而其他无法转换成retirement phase的账户资金,其获得的收入也可以享受低额的养老金税率(15%),而无需像其他收入那样缴纳高额的个人所得税。
如果想更详尽地了解这些好处,欢迎随时与我们咨询。

ATO对新政的预期

税务局企图通过这一措施来鼓励目标人群缩减自己的住房面积,搬进更适合自己的空间,并让有需要的家庭能够拥有更多选择。同时,这也能帮助那些达到退休年纪,但是由于现行的规则上限无法把自己卖房收入贡献到养老金里面去的老人家,获得更多养老金收益。
这项新措施估计会让联邦政府在之前的财政预算上再减少3千万澳元的收入。

举例说明新政内容

George (76岁)和 Jane(69岁)都到了退休的年纪。他们卖掉原来的房子搬进了大小更合适的公寓。卖房给他们带来了120万的收入。有了新政策之后,他们每个人可以把30万元以税后缴纳的方式存进自己的养老金里面(两人一共60万),就算George超过75岁(超出税后缴纳养老金的年龄限制)而Jane不满足Standard Contribution Work Test,都不会造成影响。不管他们的养老金账户上有多少的存款,他们都可以存进这笔钱。

John 和 Sarah,年龄65岁,仍在兼职工作。在所有孩子都自己成家之后,他们决定把大房子卖掉。同样,他们每个人可以往养老金里面存入30万澳元,不管他们目前是否拥有自己的养老金账户。他们还可以把剩下的收入存进养老金账户里面,不过额外的钱会和普通收入等同看待。

BOA & CO. 是一家总部设置在悉尼北岸金融中心(Chatswood)的综合性专业咨询悉尼会计事务所,在财务,税务,融资和信贷领域拥有深厚专业知识和广泛合作伙伴的咨询服务企业。BOA & CO. 拥有澳洲特性注册会计师(Chartered Accoutant),注册理财师 (Financial Planner),澳大利亚税务局注册税务代理(Registered Tax Agent),注册信贷经纪人(Mortgage Borker)的专业资质并且为 Intitue of Chartered Accountant, The Tax Institute and MFAA的专业会员。点此了解更多。

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