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 [...]

2021-06-30T06:08:01+08:00

EOFY 2021 Action Plan Checklist

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 minimum [...]

2021-06-02T11:29:24+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 [...]

2021-04-27T06:11:17+08:00

Retirement & Estate Planning

  Welcome to our final part in our four part SMSF series which has covered strategies and considerations throughout each stage of life. 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 lot of what we cover today may have already been [...]

2021-04-07T10:31:13+08:00

Planning for Retirement

Welcome to Part 3 in our Four Part Series – 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 have everything in order before you hang up the boots. [...]

2021-03-10T06:25:42+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 [...]

2021-02-12T07:46:36+08:00

Building My Super

Welcome to our Four Part Super Series covering starting, building, planning and receiving your superannuation retirement savings. Part 2 - Building My Super Are you in your 30’s and 40’s and starting to take an interest in your superannuation? There is no time like the present so make sure you know all the options, tips and tricks that are available to you so you can make smart decisions about your future. Hot spots for you when it comes to building and protecting your superannuation in this phase of your life include making contributions, reviewing your insurance, SMSF’s and investment decisions. [...]

2021-01-27T07:12:27+08:00

Commencing your Super Savings

Welcome to our Four Part Series covering starting, building, planning and receiving your superannuation retirement savings. In Part One we are looking at getting started with your super savings. Usually this happens when you commence working but for some it can be later in life. Let’s look at what should be considered before and when you start saving for retirement. So you got that job! Well done. Now you have to fill out all these forms and make decisions about where your super is going to go and find yourself asking - Does it really matter? Aren’t they all the [...]

2020-12-03T04:55:37+08:00

Super and the Federal Budget

Amid all of the chaos that is 2020 would you believe we also had a Federal Budget? The government usually loves tinkering with super but in this budget they really focused on protection of it as opposed to taxation of it. Let’s take a closer look at the “Your Future, Your Super” measures. The “Your Future, Your Super” reforms are designed to make your super work harder for you. The government is trying to do this by focusing on four key areas: Your Super Follows You: Many Australians have multiple super accounts that are eroded by fees and unrequired insurance. [...]

2020-10-23T16:29:04+08:00

Roles & Responsibilities of Being an SMSF Trustee

Understanding what is involved in being an SMSF trustee is pivotal in deciding if they are right for you. SMSF’s can be a great vehicle to save for your retirement but not understanding the rules and what is expected of you can be very detrimental. Firstly, it is important to make sure you can be a trustee as some people are prohibited from taking on this role. These include those that have been: Convicted of an offence involving dishonesty Subject to a civil penalty order under the super laws Insolvent or under administration (including an undischarged bankrupt) Currently serving a [...]

2020-09-24T15:29:44+08:00
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