Recent indications from the ATO and Government regarding Division 296 reflect a meaningful recalibration from the original draft framework. Walsh Accountants welcomes certain key pivots, while noting that the revised measures continue to present intricate challenges and planning opportunities for high-balance superannuation clients. Division 296 – Notable Improvements and Strategic Opportunities No tax on unrealised gains In […]
READ MORESMSF Checklist: 6 Key Steps for the 2025-26 Financial Year
The beginning of a new financial year in July is the perfect time for trustees of a self-managed super fund (SMSF) to review, plan, and set the stage for success. Proactive administration now can save you significant time and ensure you remain compliant and are maximising your strategy. Here are six key checklist items from […]
READ MORESMSF Management: What Trustees Can and Can’t Charge Fees For
How to Avoid Non Arms Length Penalties Self-managed super funds (SMSFs) offer a level of control and flexibility that many individuals find attractive. They allow you to take charge of your retirement savings, making investment decisions and even managing aspects of the fund’s operations yourself. However, with this autonomy comes a layer of complexity, particularly […]
READ MOREUnderstanding the Implications and Opportunities of the 1 July Super Cap Increase
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps […]
READ MOREUnleashing the power of SMSF with Commercial Property Investment.
In the realm of retirement planning, savvy business owners have a unique advantage to secure their financial future: via their Self-Managed Superannuation (SMSF) to purchase their business premises. Whilst any form of commercial or residential property investment via SMSF should provide a healthy return, this strategic move to purchase your own business premises not only […]
READ MORESecure Your Retirement: A Simple Guide to Choosing the Right SMSF Accountant
Selecting the right SMSF (Self-Managed Superannuation Fund) accountant is a critical decision that directly impacts your financial future. A qualified and experienced professional can become your trusted partner, navigating the complexities of SMSF regulations, streamlining administration, and optimising your returns. However, choosing the wrong accountant can lead to wasted time, resources, and potential penalties. This […]
READ MOREIndexation of SMSF transfer balance cap
The high level of inflation has meant that the transfer balance cap (TBC) will rise from July 2023. The Transfer Balance Cap (TBC) is the maximum amount allowed to be used to pay a member a pension. From July 2023, this will rise from $1.7 million to $1.9 million. This means that members that have […]
READ MOREContribution changes for older Australians means more money in superannuation
Legislation commencing 1 July 2022 has opened some new opportunities for older Australians to get more money into superannuation. The change means that people aged 67 – 75 years can now make contributions from after-tax money, called non-concessional contributions (NCC), without the requirement to be working on at least a part time basis. How much […]
READ MORESMSF announcements from the 2022-23 Budget 2.0
In the 2022-23 Budget 2.0 release in late October there were six updates that will affect Self Managed Superannuation Fund (SMSF) trustees and members. Cancellation of three-year audit cycle policy for certain SMSFs It had previously been proposed that certain SMSFs may be eligible for a three-year audit cycle rather than the annual requirements under […]
READ MOREAre you a company director? Do you have your director ID?
If you’re a company director, you must apply for your Director Identification Number (director ID) before 30th November 2022. What is a director ID? The director ID is a unique 15-digit identifier that directors apply for once and keep forever. It is aimed at preventing the use of false or fraudulent director identities. As a […]
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