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 […]
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 […]
Intello Named Finalist For Two SMSF Industry Awards
Once again, the SMSFAdviser’s annual SMSF Awards has nominated Intello a finalist in two categories this year. Recognising excellence in SMSF Services, Intello is a finalist in the “SMSF Administrators” category for SMSF management services executed on behalf of financial services businesses and trustees across the country. Intello is also shortlisted for the “SMSF Administration […]
Another Director’s ID Deadline is Approaching: Register by November 30
Another deadline related to Director IDs is fast approaching. A Quick Re-cap: A director ID is a unique identifier that a director will apply for once and keep forever. This initiative has been introduced to prevent the use of false or fraudulent director identities. All directors of a company, corporate trust, registered Australian body, registered […]
Analysis: the 2022/2023 Federal Budget
Last night the Treasurer, Josh Frydenberg, released the Government’s 2022-23 Budget. It featured a range of proposed measures including an extension of the 50% reduction to account-based (SMSF and Superannuation) income stream payments, targeted tax relief, and social security and aged care changes. For a change, there was very little said about Superannuation, apart from […]
New SMSF Notifications Provide Welcome Clarity for Trustees & Advisers
In some good news for trustees and their advisers, the ATO is improving their SMSF notifications. Feedback from trustees and practitioners is that SMSF notifications were too vague, simply describing a ‘change’ to the fund or account. This would arise when legitimate activity – such as a lodgement – was made, sparking unnecessary concern […]
