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What is a Director Identification Number (director ID) and do I need one?

You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF with a corporate trustee, which is why I wanted to bring this..

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Boutique Accounting Business of the Year 2021 – Eastern Australia, Client Service Excellence Award 2021

Winner! We have won the Boutique Accounting Business of the Year 2021 – Eastern Australia, Client Service Excellence Award 2021 (Small Business Awards 2120 by Corporate Vision). This represents our hard work and dedication. Their merit led selection process narrows down nominees in order to seek out exclusively the very..

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What is a Director Identification Number (director ID) and do I need one?

You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID also applies to individuals who have an SMSF with a corporate trustee, which is why I wanted to bring this..

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Boutique Accounting Business of the Year 2021 – Eastern Australia, Client Service Excellence Award 2021

Winner! We have won the Boutique Accounting Business of the Year 2021 – Eastern Australia, Client Service Excellence Award 2021 (Small Business Awards 2120 by Corporate Vision). This represents our hard work and dedication. Their merit led selection process narrows down nominees in order to seek out exclusively the very..

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Setting up an SMSF – What do you need to consider?

Setting up an SMSF can be complicated.  Not getting it right can materially affect your financial situation and retirement plans. The first question you need to be sure about is whether an SMSF is the right fit.  Seeking specialised financial advice can help you determine this answer. Some considerations include:..

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Superannuation death benefits – Review succession plans

1 July 2021, saw the Transfer Balance Cap (TBC) indexed for the first time to $1.7 million from the original $1.6 million limit which was introduced on 1 July 2017. Indexation of the TBC means there is no longer a single cap that applies to all individuals. Instead, every member..

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Moving from Working Holiday Maker to Temporary Skills Shortage 482

When you are moving from Working Holiday Maker (WHHM) Visa to a Temporary Skills Shortage 482 (TSS482) you need to ensure that you complete the attached Withholding Declaration form and give it to your employer. The ATO receives your tax status from your employer, so without doing this you could..

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SMSF Trustee Program

An SMSF is a very important financial planning decision. When operated within the rules they provide a powerful wealth creation tool, however too often SMSF trustees drift ‘outside the flags’ and end up in need of rescue. To ensure you ‘stay between the flags’ complete our comprehensive SMSF Trustee Program,..

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Foxton Financial is up for an Award – IPA Practice of the Year Award

We have some exciting news, Foxton Financial is up for an Award! We are a member of the Institute of Public Accountants (IPA) and each year they sponsor two very important awards, namely the IPA Member of the Year Award and the IPA Practice of the Year Award.  I am..

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Is your SMSF ready for the End of the Financial Year (EOFY)?

With the end of the financial year fast approaching, now is the perfect time to make some final checks and ensure everything is in order for your SMSF before 30 June. The following are some matters that you might want to know more about, particularly if you have taken advantage..

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Minimum Drawdowns – Pension 2022

The Government has announced that the temporary reduction in super minimum drawdown rates has been extended until 30th June 2022.

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SMSF Budget Information

As expected, this year’s Federal Budget has a strong emphasis on job growth and women’s security. From an SMSF perspective, there were some welcome surprises for SMSF trustees, the key measures that you should be aware of are outlined below. All measures outlined below, other than the proposed changes to..

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Is your SMSF adequately diversified?

SMSF trustees need to truly understand diversification and better diversify their portfolios. The benefits of a well-diversified portfolio are numerous but the key ones that SMSF trustees should focus on are the benefits of mitigating volatility and short-term downside investment risks, preserving capital and the long-run benefits of higher overall..

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Family Trusts

Family Trusts Family Trusts are used for holding assets or for running family-based businesses. It is referred to as “inter vivos discretionary Trust” which means that an individual establishes a family Trust throughout their lifetime to maintain or manage investments, assets and to support beneficiaries including the family members of..

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Foxton Financial – 2020 ACT IPA Practice of the Year

We are honoured to be featured on page 8 of the Public Accountant, the ‘Official Journal of the Institute of Public Accountants’, as the ACT 2020 Practice of the Year. The Institute of Public Accountants (IPA) is one of Australia’s oldest representative professional bodies, formed over 90 years ago. Commencing..

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When did you last review your SMSF’s investment strategy?

You may be aware that the Australian Tax Office (ATO) has issued letters to nearly 18,000 SMSF trustees as part of a campaign to ensure trustees are aware of their investment obligations. Of key concern is ensuring that trustees have considered diversification and liquidity of their assets when formulating and..

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How much money do you need to start an SMSF?

New research released SMSFs are not for everyone, but for those individuals where an SMSF is entirely appropriate for them, the benefits can be considerable. In the context of ongoing public debate regarding the appropriate minimum size for an SMSF, new research has been provided to provide insights into the..

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2020-21 Federal Budget Update – Government spends on jobs

The 2020-21 Federal Budget is all about jobs, jobs and jobs. COVID-19 has resulted in the most severe global economic crisis since the Great Depression. This Budget provides an additional $98 billion of response and recovery support under the COVID-19 Response Package and the JobMaker Plan. The centrepieces of the Budget..

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WINNER – IPA 2020 ACT Practice of the Year

WINNER – IPA 2020 ACT Practice of the Year Award!!!! This is the second year running we have been recognised with this prestigious award. The IPA received high quality endorsements from our clients, colleagues and community members and we want to thank you so very much. The fact that you..

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Bill to increase the maximum number of allowable members in an SMSF to 6 has been introduced into Parliament.

The Government has, on the 2nd September 2020, introduced a Bill into the Senate that will increase the maximum number of allowable members for SMSFs from four to six. This measure was first announced in the 2018-19 Federal Budget. The Explanatory Memorandum explains that this change will help large families..

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COVID-19: Negative returns – looking for the positive?

Despite well formulated investment strategies and appropriate investment advice, no trustee could have foreseen the impacts of COVID-19 on financial markets globally. Whilst history suggests that a strong recovery is likely within a relatively short period after large market corrections, it is still too early to know the impact of..

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SMSFs and Property

This is an area that we are asked about regularly, because of course, the benefits of being able to use your Fund money and have the investment in an entity with tax concessions. However, the ATO and SMSF Auditors, pay special attention to these types of investments as it is..

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IPA Practice of the Year Award!

We have some exciting news, our Practice is up for an award! Our Practice is a member of the Institute of Public Accountants (IPA) and each year they sponsor two very important awards, namely the IPA Member of the Year Award and the IPA Practice of the Year Award. We..

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Your 2020 End of Financial Year (EOFY) considerations

The COVID-19 pandemic has affected everyone’s lives, and SMSF trustees are no exception. While the worst of the pandemic is (hopefully) behind us, trustees still have difficult questions to ponder as they focus on how best to position their SMSF in 2020-21, as well as meet their annual regulatory obligations..

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COVID-19: Negative returns – looking for the positive?

Despite well formulated investment strategies and appropriate investment advice, no trustee could have foreseen the impacts of COVID-19 on financial markets globally. Whilst history suggests that a strong recovery is likely within a relatively short period after large market corrections, it is still too early to know the impact of..

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COVID-19 – Providing concessions for the LRBA in my SMSF

The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a related party loan and is impacted due to the financial effects of COVID-19, you may be able to provide your LRBA with relief under an agreed commercial arrangement…

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COVID-19 – Providing rental relief for the tenant in my SMSF property

The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a property and a tenant in financial distress, you may be able to provide your tenant with rental relief under an agreed commercial arrangement. This may even be the..

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COVID-19 – Accessing your superannuation early

You may be aware that the Government recently announced measures which allow individuals affected by the economic impacts of COVID-19 to access a limited amount of their superannuation early. Making the decision to access your superannuation early is a significant one and if possible, should be encompassed by financial advice…

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COVID-19 – The Government’s economic stimulus packages explained

Over the past two weeks the Government has announced two economic stimulus packages to cushion the economic impact of the Coronavirus. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business. This includes..

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Superannuation Death Benefit Limitations

As an SMSF trustee, you need to take special care when paying death benefits as you are responsible for ensuring that the payment rules are met. Strict rules apply, affecting who can receive a death benefit, the form in which the death benefit can be paid and the timing of..

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