Carry-forward Super Contributions (An important reminder!) by Matt Richardson
Earlier in the year I wrote an article about this topic. I am finding this continues to be a fantastic opportunity (and is often overlooked) for those taxpayers who: Have a Total Superannuation Balance (TSB) under $500,000; Would like the ability to reduce their taxable income; Would also like to provide for their retirement by […] Read More
Early Access to Superannuation – Make the Decision Wisely! By Matt Richardson
Most of you will be aware of the ATO’s measure to address the impact of COVID-19 allowing people early access to their superannuation. This concession allowed taxpayers to access up to $10,000 prior to 1 July 2020 from their superannuation fund and another $10,000 since. The withdrawals would also be tax-free. In order to meet […] Read More
Carry-forward superannuation contributions
The 2019-20 financial year is the first year you may be able to contribute “unused” concessional contributions from a prior year. Any unused concessional contributions (annual limit currently $25,000) from the 2018/19 financial year and onwards can be used on a rolling basis for up to 5 years! Any amount not used after 5 years […] Read More
Estate Planning & Superannuation – Who do you NEED in control of your SMSF?
We have written many articles and presented several sessions at our client seminars on these issues over the last few years to demonstrate the complexity involved with getting older, incapacity and death of members in an SMSF. A case in the Supreme Court of Queensland last year (Narumon Pty Ltd as trustee for John Giles […] Read More
Superannuation Planning – What is happening / What might happen??
Peter Cramer, Kerry Schultz and myself recently attended the SMSF Association National Conference in Melbourne. We spent some time reviewing the status of a couple of policy announcements from last year’s budget as well as reviewing some of Labor’s proposals for superannuation should they win Government. I will provide some commentary on these below: Previous […] Read More
How will a Labor victory affect your SMSF? A possible plan….
I have recently read an Australian Financial Review opinion piece from John Maroney, the CEO of the SMSF Association, Australia’s premier independent professional body representing the Self-Managed Superannuation Fund (SMSF) industry. The article details how key Labor policies, if elected, will have an impact on SMSFs. Below I have extracted important pieces from the article. […] Read More
Retirement – It’s not (just) about the money!
I believe I have written about this topic before, but with the amount of conversations I have been having with many clients and friends on this same subject over the last 12 months, it feels appropriate to raise it again. Retirement usually involves one or a combination of the following: Sale or transfer of a […] Read More
Civil Penalties for Trustees of SMSF’s
There are generally 2 types of penalties the ATO can impose on SMSF Trustees for contraventions which have taken place: Administrative Penalties – this is generally for minor breaches of the SIS Act. The ATO will normally request the Trustees to take measures to amend or correct the breach and providing this is done in […] Read More
Employees – Want some easy money??
One of the frustrations many of our employee clients have is they are sometimes limited in their ability to claim tax deductions to help reduce their taxable income. However, one of the changes made in last years’ Federal Budget is currently flying under the radar due to the focus on many of the other complex […] Read More
8 Money Ideas for the Early Years!
As we approach the festive season, financial discipline (along with dietary discipline) tend to fall by the wayside and New Year’s resolutions about getting yourself into shape are usually the result. Here are 8 simple ideas to guarantee your long-term financial fitness. 1. Ditch some or all of your credit cards As of September 2017 […] Read More