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A Spotlight On Depreciation

Appreciation of depreciation can prove very valuable for those with investment properties or small businesses. So what is depreciation and what and how can you depreciate?

According to the ATO definition, a depreciating asset is an asset that has a limited effective life and can be expected to lose value over time. As such, you can depreciate the cost of the asset over its life and this can then reduce your tax liability. It could even turn a tax bill into a refund cheque.I

When it comes to investment property there are two types of depreciation – the building structure or capital works allowance (Division 43) and depreciating assets such as ovens, flooring and light fittings (Division 40).

Assets depreciate much faster under Division 40 than Division 43. Generally, it's easy to determine into which category the asset falls but there can be some confusion. For instance, you can claim an air conditioning unit under Division 40 but ducting for that unit would fall under Division 43.ii

Source Link: https://virtusuper.com.au/work/a-spotlight-on-depreciation/

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SMSF Setup Costs: What It Really Takes to Get Started

Are you thinking of taking over your super command? One of the best methods to manage your retirement savings is to set up a Self-Managed Super Fund (SMSF), but before you do so, it's important to understand the Smsf Setup Costs.

This guide will explain all the costs associated with investing in Self Managed Super Funds Brisbane, from upfront fees to ongoing expenses, and help you understand how it all fits into your overall financial plan, including Australian investment tax. This is true whether you're just starting out or are prepared to make an investment.

What Are SMSF Setup Costs and Why Do They Matter?

You have more control over your investments when you create an SMSF, but it costs money. The first fees required to set up your fund and get it in compliance with Australian Taxation Office (ATO) regulations are referred to as SMSF setup costs.

The initial expenses can differ significantly depending on how your SMSF is set up, including whether you work with corporate or individual trustees.

Typical SMSF Setup Costs Include:

Trust deed and legal documentation: $300–$600

Corporate trustee registration (if applicable): $500–$1,200

Tax file number (TFN) and Australian business number (ABN) application

SMSF software or platform subscription (optional): $0–$500

What is the average, then? You should budget between $1,000 and $2,500 for a basic SMSF setup, depending on how sophisticated your structure is and whether you hire a professional advisor.

How Much Does it Cost to Run a SMSF?

Creating your SMSF is only the first step. The true dedication is in sticking with it. Here is a closer look at the ongoing expenses you should account for if you're wondering “how much it costs to run a SMSF”:

Common Ongoing Costs:

Annual independent audit: $300–$600

Accounting and tax return preparation: $500–$2,000

Investment advice (if needed): Variable

ASIC annual review fee (corporate trustee): ~$59

Actuarial certificates (if applicable): $150–$300

The total yearly cost to run an SMSF usually falls between $1,000 and $3,000. For more complex portfolios, the number can be higher. especially if you seek regular financial advice or invest in non-traditional assets.

Source Link - https://doorspell.com/blogs/29297/SMSF-Setup-Costs-What-It-Really-Takes-to-Get-Started

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SMSF Accountants Brisbane | Self-Managed Super Fund Experts - Virtu Super

Are you looking for expert SMSF Accountants in Brisbane? Virtu Super specialises in providing tailored Self-Managed Super Fund (SMSF) services, including setup, compliance, and administration. Get trusted support for your financial future with Virtu Super in Brisbane today.

Book Now - https://virtusuper.com.au/contact/

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Virtu Super – Ethical and Transparent Superannuation for Australians

Discover Virtu Super, Australia’s ethical and transparent superannuation fund. Align your retirement savings with your values while enjoying expert management and long-term growth.

Visit us for more - https://virtusuper.com.au/about/

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Virtu Super – Ethical and Transparent Superannuation for Australians

Discover Virtu Super, Australia’s ethical and transparent superannuation fund. Align your retirement savings with your values while enjoying expert management and long-term growth.

Visit us for more - https://virtusuper.com.au/about/

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Plan Ahead for a Smooth Sale

The role that small business plays in the economy is generally well understood but how well do the owners of those businesses understand their true worth? The large number of business owners fast approaching retirement will need to do some careful planning if they are to maximise the fruits of their labour.

For many business owners, the operations they have spent years growing may form a significant part of their personal wealth and may even be regarded as their superannuation.

Whether the plan is to sell, float or pass the business onto the next generation, the amount they get for it may ultimately determine what sort of retirement they enjoy.

According to PwC, an estimated one third of the country’s 1.54 million private business owners will be over the age of 55 at June 2024.i It is anticipated that in the decade to 2024 more than 1.4 million owners employing over 7.9 million people and contributing almost $500 billion in GDP will retire.

While a surge in business exits sparked by retiring baby boomers has been anticipated, the Global Financial Crisis slowed the pace and volume of exits as many owners decided to stay in the workforce longer.

The issue now is that with a slightly stronger economy a wave of exits could alter the value of some businesses – for better or worse.

"In the 10 years to 2024 more than 1.4 million owners employing over 7.9 million people and contributing almost $500 billion in GDP will retire". PwCResource URL - https://virtusuper.com.au/work/plan-ahead-for-a-smooth-sale/

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Affordable SMSF Services in Brisbane – Virtu Super

Get expert Self-Managed Super Fund (SMSF) setup and support from Virtu Super in Mount Gravatt, Brisbane. Transparent pricing, reliable advice, and personal service.

Book Now - https://virtusuper.com.au/contact/ URL - https://virtusuper.com.au

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Affordable SMSF Services in Brisbane – Virtu Super

Get expert Self-Managed Super Fund (SMSF) setup and support from Virtu Super in Mount Gravatt, Brisbane. Transparent pricing, reliable advice, and personal service. Book Now - https://virtusuper.com.au/contact/

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Self‑Managed Super Funds Brisbane | Virtu Super SMSF Specialists

Virtu Super in Mount Gravatt QLD offers expert SMSF accounting, compliance and retirement planning. Enjoy flexible online & in‑person support so you can spend less time on paperwork—and more time living.

Book Now - https://virtusuper.com.au/contact/

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Investing in Collectables & Personal-Use Assets

On 27 June 2011 amendments to the rules surrounding Self-Managed Superannuation Funds investments in collectables received royal assent and were made law. These changes made investing into collectables in your SMSF a much more difficult and strenuous exercise than before, with new standards for record keeping, storage and insurance.  

There was however a carve-out for assets which were held by SMSFs at 1 July 2011, which were not required to comply with the new regulations until 1 July 2016.  The time has now come for these assets.  If Trustees have not made arrangements for these assets to be held in accordance with the rules, then they will find themselves in breach as at 1 July 2016.

The laws have a broad scope, with section 62A of the Superannuation Industry (Supervision) Act 1993 ('SIS Act') including in the definition of collectables such things as artworks, antiques, memorabilia, wine, cars, and memberships of sporting or social clubs, among others. 

The specifics relating to how the Fund must maintain an investment in collectables include:

Assets cannot be leased to a related party, which under the SIS Act can include a trustee, trustee’s spouse, related trust, related company, dependents, and many others.

Collectables cannot be stored in the private residence of a related party.

Use of the assets by related parties is not permitted.

The reasons for deciding on the storage of the asset must be documented.

Assets must be insured, unless the asset is a membership to a sporting or social club.

If the asset is later transferred to a related party, a qualified, independent valuer must provide a valuation of the market value of the asset.

The legislation was designed to stop SMSF trustees using their super funds to acquire assets that they could enjoy benefits from before retirement, which could breach the 'sole-purpose test'. 

While it is still permissible to invest in collectable assets through an SMSF, these rules add layers of complexity into the process and make it crucial that trustees and advisors have a deep understanding of their obligations as penalties for breaching the provisions can be severe.

If you still have collectibles of this nature, or aren't sure if you've done all that is required please contact us to discuss your situation as soon as possible as 30 June is not far away!

Resource URL - https://virtusuper.com.au/work/investing-in-collectables-personal-use-assets/

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Mastering Retirement Planning: Unlock the Power of SMSF with Virtu Super

At Virtu Super, we believe in transparency, especially when it comes to SMSF setup costs. Setting up an SMSF involves several steps, including creating a trust deed, registering the fund, and obtaining a tax file number and Australian Business Number. While these steps incur costs, Virtu Super offers competitive pricing and clear explanations of all fees involved. Our goal is to ensure you understand the value of your investment in setting up an SMSF.

URL - https://virtusuper.com.au/about/

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Benefits of Negative Gearing for Property Investors in Australia

Explore the financial and tax advantages of negative gearing for Australian property investors. Virtu Super breaks down how to use it effectively.

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The Positives of Negative Gearing

There are not too many negatives about negative gearing, but that doesn’t mean it will work for everybody in all cases. 

Negative gearing occurs when the income from an investment is less than the costs associated with that investment.

The classic example is when an investor buys a property. It’s rare for a property to be bought outright. Most likely they will need to borrow to finance the investment, a practice referred to as gearing. While gearing means any gains will be amplified, so will any losses.

And it is worth noting that property can lose value just like shares. Buying at the top of the market may mean that an investor can have a long wait to see any capital growth.

Negative gearing should not be the aim of an investment but rather a means to an end. You need to make a good investment in the first place. If the property doesn’t increase in value over time, then it’s likely you’ll be out of pocket overall.

Resource URL - https://virtusuper.com.au/work/the-positives-of-negative-gearing/

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The Government does a back flip but is it scoring a perfect 10?

On the evening of Tuesday 3rd of May 2016, myself and many of my peers, and no doubt a good portion of the interested SMSF trustee population, let out a gasps of shock and horror as the Federal Treasurer announced that the Government was intending to introduce a lifetime cap of $500,000 on non-concessional contributions.  Not long after that initial reaction, things got seemingly even worse when we discovered in reading the detail that contributions made as far back as 1 July 2007 would be included in this life time limit.  The Government however claimed and argued that this was not retrospective legislation.  Many, including myself disagreed.  If actions undertaken 9 years ago have implications for new laws to be introduced today, how could it not be!

Myself and my colleagues at Virtu, love settling in for a bit of Budget night viewing once a year and this year the Government certainly delivered and had us on the edge of our seats!  The group dialogue we had going that night amongst ourselves will certainly go down in the office history books!

Resource URL - https://virtusuper.com.au/work/non-concessional-contribution-cap/

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Innovative Self Managed Superannuation Solutions  | Virtu Super

Explore tailored self-managed super fund (SMSF) solutions with Virtu Super. Empowering Australians to take control of their retirement through expert support and smart technology.

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Self Managed Super Fund Australia: Key SMSF Compliance Changes for 2025

Explore crucial updates for Self Managed Super Fund Australia trustees, including changes to Limited Recourse Borrowing Arrangements (LRBAs) and collectibles. Learn essential Retirement Planning Strategies and ensure your SMSF complies with ATO rules. Consult an SMSF Specialist Advisor to avoid tax penalties and navigate these new regulations effectively.

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Expert SMSF Services in Brisbane – Virtu Super

Looking to take control of your superannuation? At Virtu Super, we specialise in SMSF (Self-Managed Super Fund) solutions tailored for Brisbane individuals and families. Whether you're setting up a new SMSF, need help with compliance, or want strategic investment advice, our experienced team offers transparent, fixed-fee services and dedicated support.

Local Brisbane-based specialists

Simple, cost-effective SMSF setup and management

Ongoing support with tax, auditing, and investments

Transparent pricing – no hidden costs

Take charge of your retirement with confidence.

Contact Virtu Super today or visit https://virtusuper.com.au