Current as of 29 April 2021 Your superannuation trust deed along with the superannuation laws, form the governing rules that self-managed super funds (SMSFs) need to operate by. The introduction of the $1.6 million transfer balance cap (TBC) back on 1 July 2017 and new transition to retirement income stream (TRIS) rules were a ‘game changer’ for SMSFs when discussing … Read More
What is changing with your Superannuation Transfer Balance Cap on 1 July 2021?
Current as of 26 February 2021 From 1 July 2021, the general Transfer Balance Cap (“TBC”) which limits the amount that can be transferred into the tax-free retirement phase of superannuation will be indexed to $1.7m (previously capped at $1.6m). Recap – what is a transfer balance cap? Since 1 July 2017 there has been a cap of $1.6m … Read More
What do the major 2 parties plan for Tax and Superannuation if they are elected?
CURRENT AS AT 17 April 2019 Tax Planning Season – Choose Your Federal Budget We are now in May and that signals the start of the year-end tax planning season. With a federal election coming up on Saturday 18 May, it’s a very unusual tax planning season. Normally the Federal Budget is handed down in May, and it is … Read More
When certainty is uncertain – capitalising on the superannuation rules whilst you can
CURRENT AS AT 9 April 2019 With the Federal Election likely to be coming up in May, and the April budget already delivered, more grey clouds of uncertainty are in the air. So now may be the time to capitalise on the certainty and look to start your SMSF’s year end planning a little earlier and consider the following: … Read More
Why “simple” superannuation questions don’t always result in simple answers
Current as of January 2019 Have you ever asked your SMSF administrator the following “simple” questions expecting a quick and simple answer, only to be told it’s not that straightforward? This is why! How much can I contribute to my SMSF this year? This depends on several factors and these need to be carefully assessed before a definitive contribution amount … Read More
Transfer Balance Account Reporting (“TBAR”) – why real time reporting is key
CURRENT AS AT 26 November 2018 With the first quarter of the TBAR reporting having come and gone last month, here is a reminder of what these new reporting requirements entail and why real time reporting for your SMSF is invaluable. What is TBAR? From 1 July 2018, every individual’s transfer balance account needs to be considered before some … Read More
Have you considered what you will do if an unexpected event occurs?
CURRENT AS AT 28 AUGUST 2018 Your SMSF is a long-term plan. Much can happen during this time including illness, incapacity or death of a member. It is best practice to have contingency plans in place to deal with unexpected events. For example, if a fund member dies, leaving you as the sole member are you happy to continue … Read More
Superannuation changes – what is and what isn’t effective from 1 July 2018
Current as of July 2018 As the new financial year is now truly underway, here is an overview of what lies ahead in 2019 so that you can ensure your SMSF is ready. Contributions a) Concessional contributions: the pre-tax contributions cap remain at $25,000 for everyone and includes the employer’s 9.5% super guarantee (unchanged from last year), salary sacrifice and personal … Read More
Transition to Retirement Income Streams (“TRIS”) – once a TRIS always a TRIS?
Current as of March 2018 Transition to Retirement Income Streams (“TRIS”) allow individuals to access their superannuation benefits prior to retirement or without having to terminate their employment. Who is eligible for a TRIS? Provided the individual has reached their preservation age a TRIS can be commenced. Date of birth Preservation age Before 1 July 1960 55 1 July … Read More
I’m an ex-pat, what can I do with my superannuation?
Current as of December 2017 These days there are many Australian ex-pats living around the world and there is often confusion surrounding what happens to their super when they leave Australia. Generally speaking, when a resident becomes an ex-pat there will be no impact on their Australian super – the monies can remain with their fund indefinitely. However, should … Read More