2016 Federal Budget Superannuation reforms – the next steps

Current of October 2016   Last month the government had its first sitting of Parliament since the election and though they released some draft legislation for comment, we expect more changes in the forthcoming months of this superannuation reform journey. Latest proposals The annual limit of Non-Concessional Contributions (‘NCCs’) will be reduced to $100,000 from the current cap of $180,000 … Read More

The importance of keeping SMSF assets separate

Current as of July 2016   Apart from the higher initial establishment costs of setting-up a Corporate Trustee in comparison to Individual Trustees, the real cost only unfolds when things go wrong, either with the members or within the fund. It is important to have a Corporate Trustee for your SMSF, and this should be its sole purpose – that … Read More

Can I transfer listed shares in my name to my SMSF?

Current as of October 2015 Yes you can – the proposed ban on off market share transfers to SMSFs was never legislated, so this green light still exists. The advantage of having your SMSF own the shares is the flat tax rate of 15% on the dividends and capital growth (10% if held longer than 12 months) and if you’re … Read More

Does SuperStream apply to SMSFs?

Current as of August 2015 SuperStream is a Government reform aimed at improving the efficiency of the superannuation system to try to make the payment and reporting of superannuation for numerous employees more simple, streamlined and consistent. Under SuperStream, employers must make superannuation contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream … Read More