Did you know that there are significant capital gains tax (CGT) concessions available to business owners? We can provide guidance on tax effective superannuation strategies when you want to sell your business.
Have you heard of the super bring-forward rule? There was a lot of discussion about it last year because from 1 July 2021 more Australians became eligible to access its benefits. Learn more about the strategy.
Did you know that the maximum number of members allowed in SMSFs recently increased from four to six? This provides new opportunities and more flexibility. One of these includes SMSF commercial property investment.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Your superannuation trust deed along with the superannuation laws form the governing rules that self managed super funds (SMSFs) needs to operate by.
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.
Recently, the ATO announced that they will be putting further resources behind ensuring employers meet their superannuation guarantee obligations.
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.
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.
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.
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.
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.
Two of the three Bills that formed the superannuation reform package first announced by the government in the 2016 Federal Budget have received assent.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.
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.
Super is generally there for your retirement. Once you have met your preservation age and retire you’re able to access your super.
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.
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.
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.
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.
The link below provides a good insight as to what professional bodies are doing in regards to the proposed superannuation changes.
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.
There are a number of ways you can purchase property through your SMSF.
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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