Threshold for Tax-Free Retirement Super Increases
The superannuation tax-free transfer balance cap rises to $2M in July 2025. This change offers an opportunity for increased tax-free retirement savings.
SMSF
Is There a Problem Paying Your Super When You Die?
Superannuation payouts can be delayed if nominations are invalid or contested. Learn how to ensure your benefits reach the right beneficiaries.
Payday super: the details
Payday super: the details ‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead …
More women using ‘downsizer’ contributions to boost super
If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies). In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of the …
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Divorce, you, and your business
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need …
What’s ahead for 2024-25?
As 2024-25 approaches, questions arise about whether the year will bring continued volatility or a return to stability. Key changes include the introduction of personal income tax cuts and an increase in the superannuation guarantee rate. Employers must update payroll systems to reflect these changes and remain vigilant about super guarantee obligations. Wage growth shows signs of evening out, while interest rates remain a tool for controlling inflation. Business confidence has dipped, but strong labour market conditions persist. Migration trends highlight the ongoing impact on Australia’s economy, with a focus on skilled migration. Businesses must strategically manage cash flow, costs, and pricing to thrive in this evolving landscape.
Accessing Money in your SMSF
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of self-managed superannuation funds (SMSFs). In general, access to your super is only possible if: You retire and turn 60; or You turn 65 (regardless of whether you’re working) Early access to superannuation is …
Warning on SMSF Asset Valuations
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for …
How to Take Advantage of the 1 July Super Cap Increase
From 1 July 2024, the amount you can contribute to super will increase. We show you how to take advantage of the change. The amount you can contribute to superannuation will increase on 1 July 2024 from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions. The contribution caps …
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SMSFs and Property Development
Property development is an attractive prospect for SMSF trustees aiming to boost returns. But before diving in, it’s essential to grasp the rules. From understanding the sole purpose test to exploring different investment paths like direct development and joint ventures, this article breaks down the complexities of SMSF property investment. Join us as we explore the risks and opportunities of this intriguing investment avenue.
