S
Bank overdraft means that your account goes into ________ balance.
debit
It is a 'registered managed investment scheme', which is a type of unit trust.
This is a type of investment where your money is pooled together with other investors.
Managed Funds/Investments
Commonly known as Superannuation Guarantee Contributions (SGC).
Employer Contributions
________ is one of the core provisions of the SISA, and it establishes the Sole Purpose Test — a fundamental requirement for all superannuation funds, especially SMSFs.
Section 62
A contribution where the contributing member must complete a Notice of Intent to Claim a Deduction Form to claim a Tax Deduction on that Contribution.
Personal Concessional Contribution
A legal document that establishes the fund and sets out the rules for how it must be operated.
Trust Deed
It created when two or more different securities are legally bound together so that they cannot be sold separately.
For example, many property trusts have their units stapled to the shares of companies with which they are closely associated.
Stapled Securities
The process of converting a SMSF pension or annuity into a lump sum payment.
Commutation
It involves a self-managed superfund (SMSF) trustee taking out a loan from a third-party lender. The trustee then uses those funds to purchase a single asset (or collection of identical assets that have the same market value) to be held in a separate trust.
Limited Recourse Borrowing Arrangement (LRBA)
Contribution splitting enables a super fund member to split up to ____% of their concessional contributions (CCs) in a financial year with their spouse
85%
A value added tax of 10% on most goods and services sales.
Goods and Services Tax (GST)
It is initially sold for because of its rarity and/or popularity. It's price usually depends on its condition and how many of the same items are available.
Collectables/Collectibles
It happens when a SMSF Trustee makes an election to allocate a Concessional Contribution to a specific member in the next Financial Year.
Contribution Reserves
All collectables must be insured in the name of the fund within ____ days of acquisition.
7 days
3 types of preservation components/benefits
Preserved benefits/component
Restricted non-preserved benefits/component
Unrestricted non-preserved benefits/component
2 Types of ECPI Computation Methods
Segregated Method
Unsegregated (Proportionate) Method
Controlled Unlisted Unit Trusts (and shares)
Subject to IHA, except:
1.
2.
Pre 1999 Unit Trust
13.22 C Trust (Non-geared Unit Trust)