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

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

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

The Why, What and How of Setting Up Your New SMSF

SMSF’s are not for everyone but for many controlling their own retirement savings and watching it grow is a very rewarding and beneficial experience. Once you have determined you are suitable for an SMSF what do you do next? Here is a “how to” guide for setting up your new SMSF. So you have heard of SMSF’s and you think it would be a great vehicle for you. But what next? Let’s take a quick look at the why, the what and the how for setting up an SMSF for you. Why might an SMSF suit me? An SMSF can [...]

2020-07-30T05:29:31+08:00

What can my SMSF invest in?

SMSF’s have many benefits one of which is the 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; Your SMSF Investment Strategy Assets that your SMSF can invest in: Listed shares both Australian and overseas Managed funds and listed unit trusts Direct [...]

2020-07-02T04:34:47+08:00

EOFY 2020 Action Plan Checklist & COVID

2020…..what a strange year so far. Our country has experienced so much hardship already but through it our community has shown true strength and grit. The financial sector is ticking along but the future is still very much uncertain. It is therefore more important than ever that prior to 30 June 2020 you sit down and answer these questions regarding your SMSF. 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 [...]

2020-06-25T04:34:45+08:00

Access to Super due to COVID-19

  The economic impact of Coronavirus (or COVID-19) has prompted some significant government announcements for both business and individuals to assist people through these difficult times. One of which is the ability to access some of your super. Let’s take a look at what is available, who is eligible and how to apply. For those significantly affected by the Coronavirus you may be able to access $10,000 of your superannuation savings before 1 July 2020 and a further $10,000 from 1 July 2020 (for approximately 3 months although this may be extended). Eligibility To be eligible for this early release [...]

2020-04-13T08:04:36+08:00

Catch-up Concessional Contributions

Although the five year rolling catch-up of concessional contributions rule came into effect from 1 July 2018 it is really now that we can start to utilise the benefits. From 1 July 2018 super fund members with a total super balance below $500,000 can soak up unused concessional contributions caps from prior years. This means that the first year in which this can be accessed is the 2019-20 financial year. Combined with the removal of the 10% rule (read our blog Making Personal Contributions to Super) a great opportunity to reduce your personal tax and boost your super savings arises. [...]

2020-02-26T12:08:13+08:00
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