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 […]
READ MOREMore ways to boost your wealth with super contributions
Now more than ever there, there are more ways to boost your wealth with super contributions and the recent relaxing of the rules gives you scope to put money into your retirement fund, at a time that suits your circumstances and stage in life. Superannuation – the most tax-effective investment vehicle Since it became compulsory […]
READ MORETax Deductible Superannuation Contributions
There are some excellent tax benefits from superannuation contributions – you can take advantage of these by making your own voluntary superannuation contributions. We want you to take advantage of all opportunities available to you to help minimise the amount of tax you have to pay. Tax benefits from Superannuation Contributions Money invested in super […]
READ MORETwo important changes to SMSF
The bring-forward measures and 6-member SMSF bill passes Parliament Bring forward measures – increase in age The bring-forward measures will amend the Income Tax Assessment Act 1997 to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule. Previously, members under age 65 at any time in […]
READ MOREThe true cost of SMSF?
Self-managed superfunds (SMSFs) are popular. Perhaps too popular with almost 600,000 SMSFs managing over $735 billion – more than 25% of Australia’s total retirement assets. This popularity has irritated industry and retail funds with a steady stream of large member balances being transferred to SMSFs right when they were most profitable. Members were advised and […]
READ MOREWhat changes on 1 July 2021?
With the new financial year just around the corner, it’s time to understand what will change and how this will affect you and your business. This year there are three changes that effect business and another four changes centred around Superannuation. Business Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee […]
READ MOREBudget 2021-22: The Balancing Act Budget
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2021–22 Federal Budget on 11 May 2021. This was possibly the most anticipated budget in history as the government outlines its plans for economic recovery post-COVID. THE BIG NUMBER: Good news is Australia has experienced a stronger than expected economic recovery from the COVID-19 recession. This […]
READ MOREPersonal super contributions – use your unused cap
The carry-forward rules allow you to make extra concessional contributions – above the general concessional contributions cap ($25,000 per year). An unused cap amount occurs when the concessional contributions made in a financial year were less than your annual concessional contributions cap. This carry-forward arrangement means you can contribute funds up to the unused concessional […]
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