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What Are the Tax Benefits of an SMSF?
There are some tax benefits to be realised from a self-managed superfund (SMSF) but it can be a little tricky to pull this off. Still, it is possible to gain some tax advantages with your SMSF. Let’s take a look at how.
There are ways to set up your SMSF to give you tax credits, but it is difficult. It can also be a gamble, because you have to be able to time everything correctly in order to realise a profit. Perhaps an explanation of investment taxes will help, particularly when it comes to SMSFs.
Like with personal taxes, income is taxable, and when it comes to SMSFs, both interest and dividend income are factored in. This is called your assessable income.
You can deduct your fees regarding the fund including any brokerage fees, legal fees, accounting costs, and administration costs. Once you have totalled these costs, the next step is to deduct them from your assessable income. The tax rate is 15% and is assessed on the reduced amount.
Now, take that amount and subtract from it any tax credits you might be eligible for including foreign tax credits or imputation credits. You cannot be taxed twice, and you have already paid tax ...contd..