TAXABLE SMSF ASSETS DOUBLE: IS YOUR FUND AFFECTED?
New research has shown the transfer balance cap and reduction of tax concessions for transition to retirement pensions have achieved their policy outcome and made more SMSF assets taxable. This may be considered bad news for the SMSF sector, however, one ray of sunshine to emerge from the research is the policies’ unintentional outcome of improving gender imbalance in SMSF assets and balances. Find out whether your SMSF has been affected and how strategies could be implemented minimise the impact.
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DOWNSIZE TO BOOST YOUR SUPER
From 1 July 2018, people aged 65 or over will be able to make additional non-concessional contributions of up to $300,000 from downsizing their home subject to certain conditions. This is in addition to the concessional and non-concessional contribution caps. However, this measure may have unintended consequences if …
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SUPER GUARANTEE UNDERPAYMENTS: EMPLOYER AMNESTY
re you an employer that’s fallen a little behind on super guarantee (SG) payments for your employees? Don’t despair, the Government has announced a one-off amnesty to run until 24 May 2019, to allow employers to self-correct historical underpayments of SG amounts without incurring the penalties that would normally apply …
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RETIREES ARE DENIED $1 BN SUPER TAX BREAK
Analysis of 20 of the biggest super investment options reveals that, on average, retired investors in “retail”, or for-profit, super funds are seeing their returns rise by less than half the amount expected.
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GROWING YOUR SUPER
Are you nearing retirement or just want to put a little extra away for the future without putting a strain on your household budget? Contributing to superannuation might be your best bet. There are two main ways to boost your super balance, salary sacrificing super (if your employer has made that option available) and personal super contributions.
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END OF FINANCIAL YEAR SUPER STRATEGIES
The end of the financial year is a good time to think about how you could grow your super and get started with saving for retirement. Here are some options you could consider to help your super work harder for you.
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MAJOR ‘SHAKE UP’ TO THE SINGLE TOUCH PAYROLL - FROM JULY 2018
The Government announced in December 2014 that it would introduce Single Touch Payroll (‘STP’).
The new reporting rules essentially require, from 1 July 2018, ‘real time’ reporting of salary and wages, PAYG withholding and superannuation information to the ATO by ‘substantial employers’ (i.e., those with 20 or more employees) directly from their payroll software, giving the ATO almost instant access to key tax-related information.
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WHEN IS EARLY RELEASE OF SUPER LEGAL?
There are rules that govern when super can be accessed, and usually access can only be obtained at retirement or in exceptional circumstances (compassionate grounds, severe financial hardship, terminal medical condition, and temporary or permanent incapacity).
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BUDGET 2018: WHAT'S IN IT FOR YOU (AND YOUR TAXES)
It’s May which means it’s Budget time. In the last full Budget before the next Federal election, the Treasurer delivered an election Budget with enough sweeteners for everyone including businesses, income tax relief for individuals, measures to boost superannuation, and help for older Australians.
The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison. In the last full Budget before the next Federal election, ScoMo delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you?
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