Superannuation Recontribution Strategies Explained
Depending on your situation, a superannuation recontribution strategy may offer a range of benefits, including significant tax savings. There’s been a significant rise in the popularity of recontribution strategies with those under 75 – regardless of their working status – since July 2022, when the work test was removed from superannuation contributions laws. What is […]
Splitting SMSF Contributions A Smart Strategy for Spouses
Superannuation contribution splitting is commonly used by spouses to optimise conditions on individual limits within the tax-friendly superannuation environment. The strategy can be implemented within either APRA or SMSF funds, but only between spouses. It also refers to splitting only concessional (pre-tax) superannuation contributions to fulfil a range of financial strategies, including topping up a […]
Quality of SMSF Establishment Advice Under Assessment by ASIC
Following the release of a new information sheet in late 2022, ASIC is launching an investigation to assess industry compliance. Info Sheet 274: Tips for giving SMSF advice was released just over 18 months ago by the regulator to address substandard advice regarding the establishment of SMSFs. The primary objective of the new information sheet […]
ATO Focuses on Breaches of Asset Valuation Rules. Market Valuation of SMSF Assets
The ATO has made significant investments in its analytics capability in recent years, leaning heavily on data to identify risky behaviour and trends in non-compliance. As reported by Intello earlier this year, high rates of illegal early access became a critical concern in the SMSF sector. By the time the ATO had processed the numbers, […]
SMSF Services – the Difference Between What Advisers and Accountants Can Offer
Making the most of financial products and strategies is, of course, something every Australian wants. And, while it’s widely agreed that superannuation is the most tax-effective program for retirement savings, it is notoriously complex. This is especially true for owners of a Self-Managed Superannuation Fund (SMSF) which is a highly regulated market. Legislation and professional […]
Caution & Considerations Regarding a Binding Death Benefit Nomination
Planning for the distribution of SMSF death benefits is obviously, extremely important. Instructions for superannuation benefits upon your death are not directly covered by a will. However, you can ensure your funds and benefits are distributed in several ways to either reduce the chance of dispute amongst beneficiaries or eliminate unintended taxes or limitations upon […]
What is an Enduring Power of Attorney & Why you Should have one in Place.
We all recognise the need for a Will when we begin to plan for our future and the future of our loved ones. However, one crucial document is often overlooked, and that is the Enduring Power of Attorney (EPOA). What is an enduring power of attorney (EPOA)? An Enduring Power of Attorney is quite simply […]
Changes to Superannuation Announced in the 2024-2025 Federal Budget
The delivery of the 2024-2025 Federal budget announcement included a number of changes to the superannuation system, but none were unexpected. The main theme of the changes in relation to superannuation is enhancing retirement savings to allow individuals a more dignified retirement. The key superannuation changes included in the budget include the following. It should […]
Illegal Early access via SMSFs Cost Australia’s Superannuation System $635million
An investigation by the ATO found more than $637 million has been drained from Australia’s Superannuation system since 2020 via Illegal early withdrawals from SMSF funds. In November 2023, the ATO launched a new program designed to address its primary concern with SMSFs. The Illegal Early Estimate assesses the ‘asset gap’ to scope the size […]
Protect Your Future: Why an Enduring Power of Attorney is Essential
We all recognise the need for a Will when we begin to plan for our future and the future of our loved ones. However, one crucial document is often overlooked, and that is the Enduring Power of Attorney (EPOA). Your Will doesn’t automatically cover your super unless you instruct it to do so. Further, what […]