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Federal Budget wrap up
Well, we have now been delivered the first Federal Labor Budget in 13 years, with promises to assist working families, boost infrastructure spending and increase investment in education and healthcare. For quick reference, here is a snapshot of the outcomes from relevant Budget announcements that may affect you:
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Australian Financial Services Licence No. 24117
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| FEATURE
ARTICLE: |
A super borrowing environment
The introduction of legislation last year allowing superannuation gearing has led to a lot of interest, particularly from trustees of Self Managed Superannuation Funds (SMSFs), eager to get the ball rolling and use gearing strategies within their SMSFs. However, there are still some question marks in relation to the scope of the strategies allowable, which indicate it may be better to wait for further guidance from the Government and the ATO.
The amendments to the legislation came into play on 24 September 2007 and added an exception to the prohibition against borrowing. The amendments gave certainty surrounding the use of instalment warrants in SMSFs, however the legislation has given the potential for much broader applications...read more
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