Critical Updates for Advisers and Clients The Big Picture: The government proposes to commence the first taxable period on 1 July 2025 for additional tax on earnings of super balances above $3 million, starting from the 2026 financial year. What This Means: Key Concerns for
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
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
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 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?
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
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
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
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
The super reforms provide a unique opportunity for SMSF professionals to review existing service offered to clients as well as provide new products, services or advice to meet the changing needs of members There are a large number of considerations and a short time to
