News

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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SMSFs property development 2

SMSFs & property development – Emerging risks

September 3, 2021

There has been an increase in the number of SMSFs entering into arrangements where real property is purchased and developed to subsequently be sold or rented out. Such investments can help the fund build up its wealth more quickly than other forms, and from a tax standpoint, any rent or eventual capital gain may enjoy…

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Claiming GST credits for employee reimbursements

Stapling super: Reducing multiple accounts for employees

September 3, 2021

New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them. Under current rules, if an employee changes jobs multiple times over their working life and does not nominate a superannuation fund to their employer, they could end up…

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Walking dogs

What the new Your Future, Your Super means for you

August 10, 2021

Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians. The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families…

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red shoes on steps

Steps to take when winding up your SMSF

July 6, 2021

There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps separation or other family causes among the many reasons why winding up the fund becomes necessary. The many reasons people may find it necessary to wind up an SMSF could…

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The ATO’s eligibility requirements for SMSF trustees or directors

June 2, 2021

All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person. Other eligibility factors…

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Pouring coffee

Dealing with excess before-tax super contributions

May 5, 2021

Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap. Since 2013-14, when the excess concessional contributions refunding scheme came into effect, individuals exceeding their concessional contribution cap will accrue a…

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Thatched wall property

Evidencing SMSF property valuations

May 5, 2021

The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19. Under SMSF regulations, assets must be valued at market value in an SMSF’s accounts and financial statements each year. SMSF auditors need to be in possession of sufficient…

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Managing your superannuation transfer balance account

April 2, 2021

Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter. With all the rules and regulations swirling around the superannuation sector these days, it’s not unusual for those nearing retirement to…

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