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Save for your retirement

Why super can help save for your retirement

May 3, 2022

Superannuation is an investment vehicle specifically designed to help you save for retirement – this is one of the key reasons why you should take an interest in your superannuation. Whether you’re employed, self-employed or even nearing retirement, it’s never too late to build up your superannuation to boost your retirement savings. Concessional tax environment…

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Six member SMSFs

What you should know about six member SMSFs

May 3, 2022

Since the SMSF member limits recently increased from four to six, larger families may be considering having one large superannuation fund for all family members. Interestingly, recent ATO statistics tell us that the SMSF population comprises of 24% single- member funds and 69% two- member funds and the balance are three-member funds (3%) and four-member…

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Salary sacrificing to super

Salary sacrificing to super

April 7, 2022

Are you an employee thinking of putting some of your pre-tax income into superannuation to boost your retirement savings? This is known as salary sacrifice, and the good news is that it can benefit you and your employer. What is salary sacrifice? An effective salary sacrifice agreement (SSA) involves you as an employee, agreeing in…

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In-specie super contributions

March 1, 2022

Most contributions to a SMSF are made in cash, but did you know you can also contribute certain assets to your fund too? These types of contributions are called “in-specie” contributions and may be a good alternative to consider if you don’t have available cash on hand and want to make a contribution to super.…

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consolidate your superannuation oranges

Consolidate your super

February 1, 2022

Did you know that there are approximately 10 million unintended multiple super accounts, which represents around 35% of all member accounts held by funds? While in some cases this outcome may be intended, more often than not the creation of multiple accounts is unintended and mainly occurs when employees change jobs and do not nominate…

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Topping up your concessional contributions

February 1, 2022

Thinking about making up for lost time and making extra contributions to top up your super? The good news is that the “catch-up” concessional contribution (CC) rules can help individuals who feel they have missed out on building their retirement savings to make extra before-tax contributions. Remember, CCs can include super guarantee contributions from your…

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Superannuation budget measures one step closer

December 1, 2021

Several superannuation proposals announced in this year’s Federal Budget have been introduced into Parliament in the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021. These measures – all due to start on 1 July 2022 – aim to: improve flexibility for Australians preparing for retirement reduce costs and…

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New laws to improve the way super is divided in divorce

November 8, 2021

A new law will level up the playing field for divorcing couples to ensure both partners have fair and equitable access to superannuation, particularly during acrimonious family court proceedings. For many Australians, superannuation is their second biggest asset aside from the family home. In a divorce situation, it’s important that both partners, including those with…

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Compensation payments Avoiding contribution issues

Compensation payments: Avoiding contribution issues

October 5, 2021

Superannuation fund trustees who receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps. A superannuation fund may have a right to seek compensation if it entered into a legal contract or agreement with a financial services provider or insurance provider, paid the fees…

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SuperStream deadline

SuperStream deadline fast approaching

October 5, 2021

SMSF trustees must get ready to process rollovers via SuperStream by 1 October 2021. This means trustees will no longer be able to send and receive paper rollover benefit statements and cheques between superannuation funds. SuperStream requires employers to pay superannuation and send employee information electronically in a standard format. This links the data to…

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