Self-Managed Superannuation | Camphin Boston

What are the super contribution rules?

: If you are under 65, you can make both employer and personal contributions.
If you are between 65 and 74, you are entitled to make employer and personal contributions only if you meet certain work tests.
What should I access my superannuation benefit?
Under current legislation, you can begin accessing your superannuation benefit via a Transition to Retirement Income Stream (TRIS) once you reach preservation age (currently 55). Alternatively, you can commence a pension:
1. after you have reached preservation age and you retire
2. when you reach 65 years of age
3. upon death
You could be entitled to access benefits earlier if you are permanently incapacitated, suffer severe financial hardship, or on other compassionate grounds. If you begin a TRIS or accounts-based pension as soon as you are eligible, you may be able to reduce capital gains tax within the super fund or as part of a personal minimisation strategy.
Should I set up a Self-Managed Super Fund (SMSF)?
There are a number of different reasons why people decide to manage their own super funds.
- A self-managed super fund requires no minimum to setup
- You have control over investment decisions
- SMSFs allow you to gear your fund via limited resource borrowing arrangements
- Having both spouses’ benefits in one fund reduces costs
- You’ll gain access to a wider selection of investment options, such as an investment property
- SMSFs are attractive vehicles to hold your wealth and can be a part of your overall tax minimisation strategy
- When you turn 60 and commence a pension, the assets supporting that pension are exempt from capital gains tax and the pension you receive is tax-free
Can my SMSF borrow money to buy property?

Yes! But there are strict rules surrounding money borrowed from an SMSF to acquire assets. Always seek professional advice before going down this road. For instance, your SMSF can only borrow to acquire assets that it would be otherwise allowed to acquire. So, in some cases, your SMSF could borrow money to acquire the member’s business premises. Be careful, though, as SMSF cannot use the borrowings to improve the property i.e. extensions or renovations.
I’m about to move overseas. How does becoming a non-resident affect my superannuation fund?

In order to be a complying superannuation fund and continue to be taxed at 15%, the central management and control of the fund must remain in Australia. Careful planning is required before moving overseas to ensure that your non-resident status will not result in your fund being taxed at the highest rate. Power of attorney and other strategies exist to protect your member balance from excessive tax.

"Camphin Boston have been our accountants and tax advisors for over 31 years. They have seen our business expand from $15 million turnover to over $380 million and throughout that period have provided accurate and timely advice in all matters relating to accounting, tax, superannuation and business consulting.

The Camphin Boston team are true to their motto... they always simplified the complex issues like restructuring the business, expanding into new markets, R & D, tax planning etc and have always produced a quality result on time... every time.

Greg and his team have always been proactive when we need to develop business strategies, deal with business and tax issues and look at more efficient ways to run our business. They always have solutions to our business needs and we value their input."

- David and Catherine Harris

"Our group of companies have used Camphin Boston for all our specialist accounting needs for more than 25 years.

Our group of companies is diverse and includes a Property Group, a Sporting Apparel Group and a Marketing Company. Geographically, in addition to Australia, our operations extend to companies in New Zealand, China and Hong Kong.

We have always found the advice given by Camphin Boston to be timely and precise.

An indication of the professional service is exemplified in that we have all of our annual returns, including taxation returns and including the audit of one company completed within 30 days of the end of the financial year, each and every year."

- Tony Magnus

"I had a roundabout of accountants over a number of years. I then met Mark and his team and have been with them for the last 15 years. They provide consistently excellent service. Their work is accurate and responsive. Above all, Mark and his team provide thoughtful strategic business advice that goes beyond compliance."

- David Goding