Contribution and work test change for SMSF members aged 65 to 67

Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020.  The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need […]

SMSF Rent Relief for Related Party Tenants

The ATO has announced it will not be taking compliance action for the 2020 and 2021 financial years where an SMSF provide rent relief to a related party business leasing commercial property from the fund. So if your business has a lease agreement with your SMSF for it’s premises / property being forced to pay […]

FAQs SMSF Minimum Pension Reduction 2020-21

What is my new minimum pension for 2020? Can I put amounts in excess of the reduced minimum pension back into my SMSF? Can I treat payments above the reduced minimum pension amount as lump sums?  There are many questions about the SMSF minimum pension reduction 2020-21 and this article answers most of the common […]

$10,000 Coronavirus Superannuation Payment

Those suffering hardship due to the Coronavirus pandemic will be able to access a $10,000 Coronavirus superannuation payment this financial year 2020, and another $10,000 next financial year after 1 July 2020. The payments are expected to be available from 20 April 2020 and will be able to be applied for online via myGov or […]

smsfdataflow changes and rejection messages

You may have recently received an e-mail stating that smsfdataflow will no longer be supported and will cease operation on 1 March 2020. This web page contains essential information if you’ve signed up to use smsfdataflow for your SMSF to receive contributions from your employer.

What could an ALP Government mean for your SMSF?

Jordan George is an industry leading speaker for the SMSF Association, and holds the title ‘Head of Policy’.  2018 was a tumultuous year for SMSFs with volatile investment markets and an even more volatile political environment giving SMSFs plenty to think about. However, as we move into the festive season, this is the ideal time to […]

Contributing the sale of your home into Superannuation

In the May 2017 budget, the Government announced that from 1 July 2018, older Australians could contribute up $300,000 each (per couple) from the sale of their family home into their Superannuation Fund. This measure is to encourage older people to downsize from family homes that no longer meet their needs, while also freeing up […]

Downsizing into Retirement

The downsizer contribution initiative is due to come into effect on the 1 July 2018. Late last year the Government passed its policy which allows super fund members over the age of 65 to sell a main residence and contribute funds into their superannuation accounts without contribution cap and work test issues. While it may […]

Are you Eligible? Government Energy Efficient Appliance Rebate

Update: Applications for the Queensland Government Energy Efficient Appliance Rebate are now open. To apply, go to www.qld.gov.au/appliancerebate. Although purchasing appliances that are more energy efficient can have a higher upfront cost, they can lead to long term saving because of the amount of money you will save on your electricity bill yearly. Choosing an energy efficient […]

When is the right time to start planning for retirement?

There is no magic number to start planning but the simple answer is, the earlier you start, the more chance you have to achieve the retirement that you dream of having. The reason for this is because of the compounding interest effect. Below are some simple graphs showing how powerful this effect can be. The […]