From 1 July 2017 there were substantial changes to superannuation in Australia which may affect your superannuation and retirement plans for the 2017/2018 year, and the impact in future years nay need to be considered? A summary of the latest…
TO HAVE OR HAVE NOT- A Self Managed Superannuation Fund (SMSF) According to the Australian Taxation Office (ATO) up to the end of September 2016, there were 581,736 SMSFs in existence, a 23% increase since June 2012. There are just…
What Superannuation Rules Remain the same for 2017-2018 Financial Years. The rules of the Australian superannuation system that remain unchanged for the 2017/2018 financial year are detailed below. Superannuation Guarantee (SG) rate at 9.5%SG rules have not changed for the…
April 2018 Information Guide No 1. Individuals as part of Tax effective retirement planning will need to monitor their Total Superannuation Balance (TSB) as obligations and rights are affected. The total superannuation balance (TSB) came into effect on 1…
Information Guide No 2. Contribution caps The CGT cap amount for non-concessional contributions is $1.480m for 2018-19 (up from $1.445m). The concessional contributions cap is $25,000 for 2018-19 (unchanged from 2017-18). As the concessional cap is now only indexed in…
April 2018 Information Guide No 3. Please be aware that personal super contributions claimed as an income tax deduction count towards the concessional contribution cap of $25,000 for 2017/18. Thus if you earnt $100,000 for 2017/2018, your employer will contribute…
Following a spate of recent disputes involving invalid death benefit nominations, one technical expert is urging SMSFs to carefully review the processes set out in their deed for making a valid nomination. Speaking in a recent webinar in early February…
EVENTS BASED REPORTING After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its implementation of SMSF event-based reporting from 1 July 2018 will be limited to those SMSFs with members with total superannuation account balances…
Treatise on buying or transferring of a business real property into a self-managed superannuation fund (SMSF) AND as an In Specie non-concessional contribution. INTRODUCTION I have detailed a general advice information statement relevant to buying or transferring of a…