SMSF and Superannuation
With year-end fast approaching and people consider contributing funds into superannuation it is important to consider the changes that have been proposed in the 2016 budget. Whist the changes are only proposed and subject to amendment it is important that you consider them as there is little polit...
Pre-budget speculation around changes to Australia’s current superannuation rules and tax concessions may be a cause for concern among some taxpayers. However, there are ways to best position yourself now for any potential changes to the superannuation system. Here are three options for indi...
Self-managed superannuation fund (SMSF) trustees should be aware of the new rules for holding investments in collectables and personal use assets that come into full effect on 1 July 2016. The new rules that were introduced 1 July 2011 have amendments to the guidelines for storage, insurance and va...
Employers must be able to differentiate between an employee or a contractor in order to meet their superannuation obligations. While employees work as a part of a business, contractors provide services to a business through their own business. Employers that fail to acknowledge this difference risk...
Read more: Superannuation obligations: employees vs contractors
One of the most exciting things about starting a self-managed superannuation fund (SMSF) is the possibility of buying property. Property that you purchase in your SMSF can be transferred to you once you reach retirement age or retained in the SMSF where any income it generates will remain tax-free....
1. What is a Self Managed Super Fund? A self-managed super fund (SMSF) is a superannuation fund with a maximum of four members who act as the fund's trustees and direct its investment strategy, giving Australians the chance to take a more active role in planning their retirement. SMSFs represe...
Read more: 7 Things you need to know about Self Managed Super Funds
The government has announced that it will freeze the superannuation guarantee at 9.5% until 2021. Under previous plans, the super contributions paid by employers had been set to increase in 0.5% increments from the current rate of 9.5% until they reached 12% in 2019/2020. It will now be 2025 b...
By investing in fully franked Australian shares, SMSF (Self Managed Superannuation Fund) trustees can significantly reduce the amount of tax payable by their fund. This is because these shares are issued with a franking credit, also known as an imputation credit, which can be used to offset the tax...
As detailed in our May 2013 newsletter the super guarantee (SG) rate increases to 12% over seven years, as shown in the table below. 1 July 2003 - 30 June 2013 9% 1 July 2013 - 30 June 2014 9.25% 1 July 2014 - 30 June 2015 9.5% 1 July 2015 - 30 June 2016 10% 1 Ju...
I was recently asked by one of my clients if they could purchase a car in their Self-Managed Superannuation Fund (SMSF). Trustees of SMSF’s are aware whilst the ATO does not prohibit a SMSF investing in collectables and artwork, they may be less sure of the rules concerning cars and motorcycle...
Read more: Motor vehicles as Self-Managed Superannuation Fund assets
To help grow Australian workers' savings for retirement, the compulsory super guarantee rate will gradually increase from 9% to 12%. When you make super payments on behalf of your employees based on the minimum 9% super guarantee rate, you will need to increase this rate on which you bas...