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 […]
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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 […]
What is a Super Co-Contribution?
Super co-contributions are an initiative by the government to encourage low or middle-income earners to put money into their retirement savings. Basically it works like this: if you earn below a certain amount and you make a personal contribution to your super fund, the government will also make a co-contribution to your super fund. Yes, […]
What happens if you exceed your super contributions cap?
Making additional payments to your super fund will help you build your retirement savings. There are two types of contributions you can make to a super fund; Concessional or Non-Concessional. The government imposes a cap on each type, limiting how much money you can contribute to your super fund each financial year. So what is […]
EOFY: Prepaying Expenses
A strategy to consider before the end of the financial year is pre-paying expenses such as investment loan interest or investment management (financial advice) fees. Doing this might help increase your immediate tax deductions which will bring down your tax bill. Financial Advice Fees Generally, fees that related to producing taxable income are tax deductible. […]
EOFY Checklist for Small Businesses
The end of the financial year spells stress. For some of us, we leave it to our accountants to kick us into action and then scramble for receipts and invoices before 1 July. To help make things a little easier for you, we’ve prepared a checklist of the main things you need to prepare for […]
EOFY SMSF Checklist
Self-Managed Super Funds (SMSFs) are subject to an audit every year, so for SMSF trustees this can be a very busy period. There are plenty of rules and regulations around the management of an SMSF and it’s important you discuss your personal financial circumstances with your accountant or financial adviser. We’ve provided a general checklist […]
Changes to insurance in super from 1 July 2019
You might have received a letter recently about changes to insurance in a super account you have forgotten entirely about. All super funds are required to send you a notice due to changes to insurance in super from 1 July 2019. Nearly all superannuation accounts have life insurance by default. Life insurance costs money […]