As you may be aware, the law governing superannuation in general, and Self Managed Superannuation Funds in particular, is regularly evolving. Supernova continuously monitors the changes that occur in self managed superannuation to ensure you are kept up to date with the latest changes, and we believe now is a good time to have the[…]
With the end of the financial year fast approaching, now is the perfect time to ensure everything is in place for your clients SMSF clients before 30 June. The following are some superannuation strategies that you might want discuss with your clients. Contribution caps Before the end of the financial year your clients should: Review[…]
From 1 July 2017, superannuation fund members are subject to a $1.6 million transfer balance cap (TBC) which limits the tax exemption for assets funding superannuation pensions. The TBC encompasses a significant amount of monitoring for an individual. This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework. Event-based reporting[…]
The end of year compliance process is pretty much the same wherever you go. Whether you pay $3,000 or $300 the end result is that you get financial statements, independent audit, member statements, tax return and some minutes. So what distinguishes one provider from another? Its really about how you get there. We want to[…]
The Government has not made any major changes to Superannuation in the 2018 budget but there are still some minor tweaks to be aware of: 12 Month work test exemption for certain members over 65 Maximum SMSF Members to be increased from 4 to 6 Ability for large income earners to elect not to receive[…]
Bill Shorten, when justifying Labor’s proposed removal of the full reimbursement of imputation credits, was quoted on radio on Friday 23rd March as saying “If you don’t pay income tax you shouldn’t get a tax refund” Firstly, the obvious point if you are getting a “tax refund” then by definition you must have paid some[…]
With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSFs and the pensions it pays may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount of assets you can use to pay pensions from super with.[…]
We have produced a comprehensive reference guide to the latest Superannuation Rates and Taxes providing a quick check of contributions limits, conditions of release and tax rates etc.. You can download the reference guide and always have the current rates close at hand We also have a number of resources available. The forms checklists and[…]
The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which provides CGT relief for members who are transferring assets out of retirement phase in 2016/17 to comply with the changes. In essence, the legislation allows you to reset the cost bases of assets in[…]
We have released Self-managed superannuation funds – A statistical overview 2014–15. The overview provides high-level observations and commentary on 2014–15 statistics. Source: 2014-15 SMSF Statistical Overview available now | Australian Taxation Office