Getting a cool tax returnGetting a cool tax return

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Getting a cool tax return

For many years I couldn't work out how my co-workers seem to be getting these really cool tax returns, which let them go on holidays to Bali, where I seem to get tax returns that let me go to the local fast food joint if I was lucky! Since I met my girlfriend I started to go to her tax accountant and I finally understand how it all works. There are so many easy deductions that I can claim now, which is going to help me head to Thailand this year! This site has some of the tips I have learnt to help you maximise your return this year.

Should You Consider a Self-Managed Super Fund As You Plan for Retirement?

If you're looking at your long-term plans and trying to make arrangements for your retirement, you need to focus on different vehicles and strategies that will help you hit your targets. As you look through your options, you may want to consider a self-managed super fund (SMSF), which will typically give you more choices than would a traditional superannuation fund. So, why should you take a closer look at SMSF?

Get More Flexibility

With an SMSF, you can invest in a much broader range of assets than with the standard superannuation fund. You'll also be able to control your saving strategy and investment plans through a mix of different assets that may help you with your growth goals.

Thinkable Properties

For example, you can invest in commercial or residential properties so long as you comply with the various rules or restrictions. For example, you may not be able to buy a residential property and allow a fund member to either live in it or rent it from the fund. You can allow the SMSF to take ownership of your business premises so long as you then pay rent to the fund at an acceptable market rate.

Focus on Shares and Other Assets

Alternatively, you can use the funds to invest in a broad range of assets involving shares, managed funds or term deposits. You can then keep any interest or earnings from these investments within the fund to help accumulate wealth. Still, whenever you invest in the stock market, you should diversify and help to spread the risk. You may want to look at various market sectors as you draw up a plan. Or, just focus on blue-chip stocks as they tend to be less risky and relate to larger and more established organisations.

Invest in Collectables

Some people choose to focus on collectables. These could include rare cars, coins, jewellery, antiques or artwork. Still, there are some very specific rules that relate to investing in collectables via an SMSF, so you should proceed with caution until you understand what's involved.

What to Do Next

When handled carefully, an SMSF can be a fantastic way to invest in retirement, but you should always aim to diversify to minimise risk in this important area. It's best to talk with an experienced accountant as you decide what to do next. They can also audit your accounts before the end of the year and ensure that you comply with all tax regulations. 

For more info about self-managed super funds, contact a local company.