What you need to do to get 2022-23 off to a great start.
The start of the financial year means new opportunities. While personal New Year’s resolutions are made in January, the best time for planning when it comes toWith assets like gold bullion stored in a private deposit box in a bank, your auditor may require a photograph with something that evidences the date.Does your fund have assets where there’s no publicly available market value? Good examples would be property, holdings in private companies and private trusts.
Sometimes SMSFs own assets where it’s difficult to prove that they actually exist and auditors will ask for extra information. Life is much simpler if you get this sorted out now. For example, imagine your fund owns something like gold bullion that is stored in a private deposit box in a bank. Your auditor might ask for a picture of it with something that evidences the date – such as a newspaper.
Often SMSF members will actually take more than they have to out of their pension accounts – after all, it’s what most of us plan to live on when we retire. The amount we need won’t always be conveniently the same as the minimum drawdown rates. If you’re in that position, you might be aware that there are tax benefits to structuring these extra payments in particular ways rather than just bigger pension payments.
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