A number of superannuation changes takes effect from 1 July 2019. What are they and how might this affect you? Read below to find out. Carry-forward concessional contributions The 2018-19 concessional contributions were capped at $25,000. If you didn’t use all $25,000, you are now able to ‘carry-forward’ the unused concessional contribution amount into your […]
Archives for July 2019
What are the minimum pension payment rules?
Once you reach preservation age, you can start to withdraw your super as an income stream, a lump sum or both. These amounts are tax-free provided you take the minimum pension payment. Why is there a minimum pension payment instead of letting you take what you want? Well, it falls down to the Sole Purpose […]
What is the Double Contribution Strategy?
If you have ever wanted to contribute more money to your Self-Managed Super Fund, the Double Contribution Strategy might be for you. It is a way by which you can effectively double your level of tax-deductible superannuation contributions without exceeding the superannuation contribution caps. So what is the double contribution strategy? Background If you or […]
What is an In-Specie Transfer?
If you have a parcel of shares under your name and you wish to transfer ownership to another entity, instead of a buy-and-sell process, you can perform what’s known as an ‘in-specie transfer’ or ‘in-specie contribution’. An in-specie transfer is like a ‘gifting’ of asset where the ownership of the shares is transferred to another […]