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 …
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 …
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 …
How to Take Advantage of the 1 July Super Cap Increase Read More »
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.
