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Super Guarantee Increase – are you aware and are your systems ready?
June 4, 2021From 1 July 2021 the superannuation guarantee (SG) is set to increase to 10% from the current rate of 9.5%. This has quietly snuck up as an issue for businesses and employers who don’t have long now to prepare for the change. Whilst the legislated increases have been in place for some time, there was […]
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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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