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 usually a document that we can reasonably … Read More
When certainty is uncertain – capitalising on the superannuation rules whilst you can
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: Maximising the concessional contribution cap The concessional … Read More
Why “simple” superannuation questions don’t always result in simple answers
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 can be confirmed. Such considerations … Read More
Transfer Balance Account Reporting (“TBAR”) – why real time reporting is key
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 contributions can be made and/or impact how … Read More
Have you considered what you will do if an unexpected event occurs?
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 with the SMSF? Outlined are some issues … Read More
Superannuation changes – what is and what isn’t effective from 1 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 deductible contributions For individuals aged 75 … Read More
Transition to Retirement Income Streams (“TRIS”) – once a TRIS always a TRIS?
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 1960 – 30 June 1961 56 … Read More
I’m an ex-pat, what can I do with my superannuation?
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 the ex-pat also be a trustee … Read More
When can I access my super?
SMSFs have strict rules on when super monies can be withdrawn from the fund, most commonly when a member satisfies a form of retirement and/or reaches a certain age. Your super can be accessed: when you turn 65 (even if you haven’t retired); or when you reach preservation age and retire; or under the Transition to Retirement (“TTR”) rules, while … Read More
Are you ready for the 1 July 2017 super changes?
Part 3: Interaction of the $1.6m pension transfer cap and death benefit payments In last month’s Part 2 of the super changes newsletter, “I have more than $1.6m in pension phase so what are my options?” http://stanleywilliamson.com.au/ready-1-july-2017-super-changes-part-2-1-6m-pension-phase-options/, we discussed the $1.6m Transfer Balance Cap (“TBC”) and “Transfer Balance Account (“TBA”). Not only does this TBC affect members who are currently receiving … Read More