2018 Budget Update

Buoyed by a stronger economy, the 2018 Federal Budget promises to deliver income tax relief, more jobs, guaranteed essential services and the government living within its means. So what does this mean for you?   Encouraging tax cuts The centrepiece of the budget is income tax relief. There’s immediate relief for Australians on low to middle incomes, as well as light at the end of the tunnel for higher-income earners. Those earning up to $90,000 will get a tax cut of up to $530 via the introduction of a new, non-refundable Low and Middle Income Tax Offset from 1 July

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McQueen Group – Brisbane

  It has now been a year since we expanded into Brisbane, QLD. Given this milestone, it is timely that we provide you with an update on our activity in Brisbane and how we can help those located in South East Queensland.   What we are doing Having the ability to see more people and start servicing the Brisbane area more proficiently is the goal for the remainder of 2018. Establishment of an office and foothold in an area when you are starting with a small base can often be hard, but we have made our way through the first

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Self-Managed Superannuation Funds (SMSFs) and Insurance

Key types of insurance available via super Three types of insurance are usually available within a superfund, including an SMSF. A member can generally purchase the following types of insurance via a super Fund: Life Insurance Total and Permanent Disability (TPD) Insurance; and Income Protection Insurance. There are a number of issues to consider when insuring via the super environment: The sole purpose test A SMSF must be maintained solely for at least one or more core purposes and (optionally) for one or more ancillary purposes. A core purpose is to provide for: member upon retirement a member upon reaching

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Meet Tom & Rhonda

Recently, we caught up with Tom & Rhonda, some of our very first clients. We checked in with them to see how Tom is feeling since achieving one of his major goals; Retirement. Tom was good enough to share his account and financial journey with you. How long have you been a client at McQueen?  I have been a client for approximately 23 years. What did you hope to get out of your relationship?  I was introduced to Angus when I moved to a new employer. He was young and seemed to know what he was talking about, so I thought I

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Self-Managed Superannuation Funds (SMSFs) and Limited Resourse Borrowing Arrangements

  Since late 2007, a Self-Managed Superannuation Fund (“SMSF” or “Fund”) has been allowed to borrow money for investment purposes following the introduction of an additional exception to the general borrowing prohibition – one that continues to exist under superannuation law. This additional exception to the borrowing prohibition is provided in the form of a limited recourse type of borrowing. In essence, the relevant asset is held on trust to provide limited security for the outstanding loan, but the benefits of the ownership (such as rent or dividends) flow directly to the Fund. If the Fund defaults on the loan,

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Self-Managed Superannuation Funds (SMSFs) & Derivatives

Under super law, derivative means ‘a financial asset or liability the value of which depends on, or is derived from, other assets, liabilities or indices’. A derivatives contract means ‘an option contract or futures contract relating to any right, liability or thing’.  They are an allowable investment for a SMSF, subject to certain conditions. Super law outlines very few restrictions on exactly what type of investments Fund Trustees are able to invest in, however the law as how those assets are structured can be very prescriptive. In the case of a Fund’s investment in derivatives the main issue is the

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