Super Contributions – Your Quick Guide to the Caps

Every year it feels as though the contribution caps are changing in some way or another and on top of that our employer SG contributions are going up. This makes it very important to know what caps are relevant to you and when you can utilise different types of super contributions to help build your wealth. Types of contributions Let’s start by going over the types of contributions as they can sound complex. Firstly there are concessional contributions. These are made up of both employer contributions and personal contributions which you have claimed a tax deduction for (including salary sacrificed [...]

2021-09-21T07:32:39+08:00

What can my SMSF invest in?

Wanting to control your investments is often a key reason for considering an SMSF. SMSF’s offer a broader choice of investment options which are not usually accessible in retail or industry super funds. Knowing what these are is important so you can consider the appropriateness of each asset for your own SMSF investment strategy. Before we get started have a quick read of our blog regarding investment strategies to remind yourself why you must keep one and how your investment choices impact this document. Assets that your SMSF can invest in: • Listed shares both Australian and overseas • Managed [...]

2021-08-26T15:15:58+08:00

SMSF Asset Valuations

You are probably getting your documents together in the coming weeks or months to have your super fund financials and tax return prepared. It may also mean it is time to think about getting those asset valuations done. Ensuring your SMSF assets are valued accordingly is an important aspect of being an SMSF Trustee. Some assets are easy to have valued. Cash for example is simply the balance. Shares listed on the ASX are revalued daily. But for some other assets it just isn’t that simple. The most common questions we get asked around asset valuations are the following: 1. Who [...]

2021-08-11T06:10:42+08:00

6 SMSF Members & Bring Forward Rule

It was a long wait but it was worth it. A Bill has passed through Parliament in June allowing up to 6 SMSF members and those aged 65 and 66 can access the bring forward rule. There were also a few others measures that passed that are important which we will go through below. 6 member funds Historically, SMSF’s have only been able to have up to four members. This can be limiting for some family groups. From 1 July 2021 this has now increased to six. With this change has come some great opportunities that may be right for [...]

2021-07-30T10:23:53+08:00

2021 Federal Budget & Indexation changes

We have now all had some time to go over the Federal Budget in detail. Hopefully you have considered our EOFY checklist so with that all in order why don’t we consider how the Federal Budget and the indexation of some of the superannuation thresholds will work together as we move into 2022. The Federal Budget had a fair amount in it for individuals, business owners and superannuation. From 1 July 2022 those relevant to your super include the following Minimum age to make the $300,000 downsizer contribution reduced from 65 to 60 No more work test for those aged 67 [...]

2021-07-30T10:33:56+08:00

June 2021 Action Plan Checklist

June 2021 is coming to a close already! How fast time is flying. There are still some COVID measures in place that you must be aware of and some changes next year that may impact your decision making this year. Let’s take a closer look at your end of year checklist to make sure nothing is missed: We don’t like complicated. So let’s use the below checklist to ensure you have considered and actioned everything you need for your superannuation including the impacts of COVID: SMSF’s and COVID Am I aware that I only need to take half of my [...]

2021-07-30T10:38:05+08:00

Superannuation Tax Planning Checklist 2021

Pre 30 June Checklist Life in Australia has somewhat returned to normal (touch wood) which means we have the opportunity to check that our financial plans are on track and we make the most of our opportunities before the end of the 2021 financial year. Take 5 minutes of your time to run through this checklist to make sure you don’t miss anything before it is too late. Contributions Have you considered making a personal concessional contribution to super before 30 June 2021? Discuss with your advisor to optimise your tax position. Read our blog on Making Personal Contributions to [...]

2021-07-30T10:39:05+08:00

COVID & My SMSF

COVID-19 has resulted in changes and uncertainty across the board, particularly in the financial sector. So here are some quick tips to get on top of your SMSF during these uncertain times. Review your investment strategy Your investment strategy must be reviewed regularly and at the very least annually. However, significant events should prompt additional reviews to ensure variations are made if and where necessary. Ensure you document any changes to your strategy that you make. Remember that short term variations shouldn’t really impact your overall investment strategy however they should still be considered. Ensure your annual SMSF documents are [...]

2021-08-11T06:55:08+08:00

Part 4 – SMSF Planning – Retirement & Estate

Welcome to our Four Part Super Series covering starting, building, planning and receiving your superannuation retirement savings. Part 4 - Retirement & Estate Welcome to our final part in our four part series. This month we are looking at those that are now retired and looking to ensure everything is in order and any final strategies are put in to play where possible. Welcome to retirement!! What a wonderful time of your life this is. Hanging with the grandkids, travelling (as best as you can in these times), spending time with friends and family.....all those precious moments every day. A [...]

2021-08-11T06:57:41+08:00

Part 3 – Retirement Planning

Welcome to our Four Part Super Series covering starting, building, planning and receiving your superannuation retirement savings. Part 3 - Planning for Retirement This month we look at those aged in their 50’s and early 60’s who now have retirement on the horizon and would like to know what they should be doing to get their super ready. It is a very important life stage so it is vital to take up any opportunities that are available before it is too late. So you are approaching the end of your working phase of life (congratulations!!) and want to check you [...]

2021-08-11T06:57:16+08:00
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