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Increase in Pension Transfer Balance Cap
February 24, 2021From 1 July 2021, the amount that a member can transfer to a tax-free retirement pension will increase from $1.6 million to $1.7 million. On the surface this may sound like great news for super fund members because they will be able to transfer an extra $100,000 into the tax-free environment. But there are a […]
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Releasing money from Super and Tax
November 4, 2020Preserved Benefits All contributions and investment earnings received by a Super Fund are classified as what they call ‘Preserved Benefits’. This means that they are not available for access until a ‘condition of release’ occurs. This is the trade-off of Superannuation – you enjoy the favourable tax treatment of super during your life (15% tax […]
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COVID-19 – The Latest Superannuation Changes
July 22, 2020Staying up to date with Superannuation Superannuation has experienced a number of changes of late. Some changes have been implemented by the Government as relief efforts after the impacts of COVID-19 and some are legislation changes that have impacted SMSF’s and contribution rules. Below we go into further detail on the latest within the Superannuation […]
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COVID-19: Superannuation Measures
April 23, 2020Changes within superannuation due to Coronavirus With 30 June 2020 fast approaching and a variety of changes happening across the globe due to COVID-19, we wanted to provide a couple of super tax planning strategies as well as some other handy tips. COVID-19 measures and handy tips Minimum Pensions halved One of the measures announced, […]
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Transfer Balance Account Reporting (TBAR)
January 20, 2020Overview of event-based reporting for Self-Managed Superannuation Funds As you may be aware, there is now a $1.6 million limit per member on the amount that can be transferred into a super retirement pension. This is known as the Transfer Balance Cap (TBC) and it applies to all superannuation pensions that a member may have […]
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Reporting at market value in superannuation
November 13, 2019Find out why you must report your assets at market value. Members of a self-managed super fund should be aware that all of your assets are required to be valued at market value every financial year in your superannuation accounts. This is also a requirement under super regulations as SIS Regulation 8.02B stipulates that assets […]
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Are you aware of Superannuation Death Benefits Tax?
September 2, 2019What you need to know when you’re investing your money into Superannuation. Having funds in Superannuation is usually a great financial structure from a tax perspective. Generally during a member’s working life earnings and contributions are taxed at 15%, then in retirement when they start an account based pension the earnings are taxed at 0% […]
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How the Federal Election has impacted Self-Managed Superannuation Funds
June 24, 2019What a Self-Managed Superannuation Fund (SMSF) member needs to know! The Federal Election result on 18 May 2019 was a surprise to many! For SMSF members it was definitely a positive result. Following the major changes that were implemented on 1 July 2017, it is a welcome relief that there is some certainty on the […]
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Excess Concessional Contributions – are you within the limits?
October 8, 2018Know your limits and structure your contributions! Within the constantly changing superannuation environment, a common risk that members face are being penalized for exceeding their contribution limits. For the current 2018 – 2019 financial years, the concessional contribution limit has been set at $25,000. (Please note that the non-concessional limit is $100,000 per year but […]
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Adding family members to a Self-Managed Superannuation Fund
August 23, 2018From 1 July 2019, you may add more family members to your SMSF but what do you need to be aware of? Even though more than 90% of Self-Managed Super Funds (SMSF’s) only have one or two members SMSF’s have traditionally been able to have up to four members in the fund. The government has […]
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