Superannuation
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    Superannuation

    It’s time for a super health check

    Have you taken the time to review your annual superannuation statement yet? At the end of the financial year super funds provide you with this information and it gives you the opportunity to perform a quick super health check.

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    Understanding the super guarantee

    We take a closer look at the super guarantee. We review eligibility guidelines and outline how the amount is calculated and contributed to a super account.

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    When can I access my super?

    Your ability to access your super is generally based on your age, but there are certain conditions that need to be met to make sure you don’t end up on the wrong side of the ATO.

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    How women can maximise their superannuation

    It’s no secret that women retire with less super on average than men. In fact, more than 80% of women are currently retiring with insufficient superannuation savings to fund a comfortable lifestyle.

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    EOFY and your superannuation

    The end of the financial year is an excellent time to review your superannuation. With just over a month left until the 30 June deadline for the 2019/20 financial year, we have some beneficial superannuation taxation strategies for you to consider.

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    Economic stimulus packages for superannuation explained

    Over the past few weeks, the Government has announced two economic stimulus packages to cushion the economic impact of the Coronavirus. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work and businesses in business.

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    Why is superannuation so important?

    Did you know that as of 30 June 2019 the total balance of superannuation held within Australian funds was $2.9 trillion? With so much invested, it’s crucial that you know how your fund is performing and that you are proactively managing your future wealth.

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    Advantages of a self-managed super fund

    Self-managed superannuation funds (SMSF) are becoming increasingly popular and with good reason. We spoke to Cayle Petritsch, Director and Wealth Specialist, about the advantages of SMSFs and how North Advisory can help you take control of your future wealth.

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    The Coalition wins a third term – your superannuation policy update in preparation for the end of the financial year

    The Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives, after taking a policy of stability for superannuation to the election.

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    The major parties’ superannuation and tax policies

    The federal election is this weekend, 18th May 2019 , both major parties have outlined their superannuation and tax policies. With the federal election only days away many of our clients have been asking what the major political parties’ policies are that may impact their SMSF, individual taxation circumstances or personal investments.

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    Super contribution age limits proposed to change

    Members of regulated superannuation funds have no restrictions for making voluntary contributions prior to reaching 65 years of age. However, from 1 July 2020 the government has proposed to increase this age limit and allow 65 and 66 year olds to contribute without restrictions.

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    Proposed changes to superannuation contribution rules

    From July 1 2020, Australians aged 65 and 66 will be able to make voluntary superannuation contributions, both concessional and non-concessional, without meeting the Work Test.

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    Setting up an SMSF – What do you need to consider?

    Setting up an SMSF can be complicated.  Not getting it right can materially affect your financial situation and retirement plans. The first question you need to be sure about is whether an SMSF is the right fit.  Seeking specialised financial advice can help you determine this answer.

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    Super guarantee opt-out coming for high earners

    High earning individuals will have an option to opt-out of receiving certain superannuation guarantee amounts from 1 July 2018. Under the proposed legislation, employees earning over $263,157 with multiple employers will be allowed to receive additional cash from the second employer.

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    Transfer Balance Cap reporting – what does it mean for you?

    From 1 July 2017, superannuation fund members are subject to a $1.6 million transfer balance cap (TBC) which limits the tax exemption for assets funding superannuation pensions. The TBC encompasses a significant amount of monitoring for an individual.  This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework.

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    Franking credits and your SMSF

    You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own.

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    Property and your SMSF

    Directly held property makes up approximately 19% of all SMSF assets, indicating that many SMSF trustees consider it’s an important and significant part of a diversified portfolio.

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    How will downsizer contributions work for SMSFs?

    To reduce pressure on housing affordability, downsizer contributions provide an incentive for super fund members aged 65 years or older to sell a main residence.

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    New reporting requirements for superannuation pensions

    With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing.

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    Trust deeds in the new SMSF world – Benefit payments and estate planning

    Your superannuation trust deed along with the superannuation laws form the governing rules that self managed super funds (SMSFs) needs to operate by.

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    Contributing the proceeds of downsizing to superannuation

    New legislation to be introduced by the government is planning to give an allowance to all people over 65 the ability to contribute to super funds even after finishing work.

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    Further scrutiny on super guarantee compliance

    Recently, the ATO announced that they will be putting further resources behind ensuring employers meet their superannuation guarantee obligations.

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    Events-based reporting for SMSFs

    From 1 July 2017, all superannuation funds, including SMSFs, will be required to report Transfer Balance Cap (TBC) credits & debits to the Australian Taxation Office (ATO) on an ‘events’ basis.

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    Summary of SMSF establishment issues and steps

    Step 1: Decide whether to use the constitutional corporation route (ie have a corporate trustee) or old age pensions route (ie have individual trustees). Note that either route allows the fund to pay lump sum and/or superannuation benefits, provided this is also permitted by the fund’s trust deed.

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    Extension of due date for lodgment of SMSF returns

    The ATO has announced that it will extend the due date of lodgment of self-managed superannuation fund (SMSF) annual returns for 2015/16 to 30 June 2017.

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    The $1.6 million transfer balance cap – What does it mean for you?

    The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst those changes was the introduction of a $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions.

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    Contributions – what the changed concessional and non-concessional caps may mean for you

    With many of the changes announced in the 2016 Federal Budget now passed by Parliament, there is an amount of certainty that you can have when approaching your SMSF planning and the contributions you might wish to make to your SMSF.

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    Super reform Bills receive assent

    Two of the three Bills that formed the superannuation reform package first announced by the government in the 2016 Federal Budget have received assent.

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    Catch-up concessional superannuation contributions

    This proposed measure will allow individuals to make additional concessional superannuation contributions in a financial year by utilising unused concessional contribution cap amounts from up to five previous years, providing that their total superannuation balance at 30 June of the previous financial year was below $500,000.

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    New considerations for non-concessional contributions

    Individuals with a superannuation balance more than the transfer balance cap will no longer be able to make non-concessional contributions from 1 July 2017. This change in policy is included in the third tranche of superannuation reforms which were originally announced in the 2016/17 Federal Budget.

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    Are you ready for the Government’s superannuation changes?

    On Wednesday 9 November 2016 the Government introduced its superannuation legislation which makes changes to the superannuation laws it originally announced in the 2016 Federal Budget.

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    $1.6m super transfer balance cap – clarification

    Transitional provisions will provide for capital gains tax relief on assets that are forced to be transferred from pension phase to accumulation phase. An SMSF that has a member’s balance above $1.6m in pension phase will no longer be able to segregate assets for income tax purposes.

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    Government releases more superannuation legislation

    On 27 September 2016 the Government released another round of draft legislation implementing a number of the changes to superannuation it announced in the 2016 Federal Budget.

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    Can your SMSF buy your business?

    At first glance, the SMSF would not be able to acquire the property from the member because they are a related party of the SMSF. However, section 66 of the SIS Act does contain a relevant exception to the general prohibition on related party acquisition.

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    Are you clear on what non concessional contributions you can contribute in a year?

    With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions are you clear on what non-concessional contributions you can make to superannuation now?

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    Is your SMSF SuperStream Ready?

    All self-managed super funds (SMSFs) now need to be able to receive SuperStream-compliant contributions. To do this, you will need to provide the following details to your employer.

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    $500k Lifetime Cap to be Scrapped

    The Turnbull government has reportedly made significant changes to its superannuation reform package, including scrapping controversial plans for a lifetime cap of $500,000 on non-concessional contributions.

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    A positive coming out of the proposed super changes

    Treasurer Scott Morrison’s release last week of the first tranche of new super legislation has been welcomed by the industry, but it digs an even bigger hole in the Budget.

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    Lending money to your SMSF

    One of the lessor known benefits of having a SMSF is the flexible financing options that are available. Many SMSF trustees still don’t realise they can actually lend money to their SMSF and charge the sort of rates achieved by banks and other financial institutions.

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    What can my SMSF invest in?

    The benefits of having a SMSF is you have the power to make the investment decisions. You have freedom to select investments that you think will benefit the SMSF members.

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    Are you allowed to take your SMSF overseas?

    There is unprecedented growth in the SMSF sector and the question I sometimes get is whether an existing SMSF can still operate if its trustees and members are overseas.

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    When can I access my super?

    Super is generally there for your retirement. Once you have met your preservation age and retire you’re able to access your super.

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    Managed portfolios vital for SMSF diversification

    International managed portfolios are vital for self-managed super funds to diversify their portfolios, according to head of marketing and distribution at HUB24, Wes Gillett.

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    The re-contribution strategy is still attractive

    On the 3rd May 2016, the federal government announced an immediate cut to the non-concessional contribution limit. The cap is now a lifetime limit of $500k.

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    Superannuation tax lodgement and payment dates

    The following dates highlight key superannuation related tax lodgement deadlines approaching in the next few months. The list of key dates is not comprehensive and is a guide only. Events or timelines may change. Unless otherwise stated, the due dates provided are for 30 June balancers only.

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    Getting your contributions in before 30th June 2016

    If you’re wanting to make contributions into your SMSF you will need to act quickly to get these in before the 30th June 2016. This is important if you want to make the contributions by EFT as it may take a day for the contributions to hit your SMSF bank account.

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    Flaws in the new superannuation proposals

    The link below provides a good insight as to what professional bodies are doing in regards to the proposed superannuation changes.

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    Your SMSF might be at risk

    SMSF trustees should brace for a change in the way their accountant deals with them in regards to their Self Managed Superannuation Fund after the 1st July 2016.

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    Common ways to purchase property in your SMSF

    There are a number of ways you can purchase property through your SMSF.

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    Collectibles – time is running out

    If your SMSF has collectibles that were purchased before 1st July 2011, time is running out to make sure these assets comply with the new requirements. The new rules come into play on the 1st July 2016.

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