Written by Peter Burgess, Deputy CEO / Director of Policy & Education, SMSF Association As expected, the 2021-2022 Federal Budget has a strong emphasis on job growth and women’s security. From an SMSF perspective, after a few quiet Budgets, there were some welcome surprises for the SMSF investors in this year’s Federal Budget. The following…
April 28, 2021
Contributing the proceeds of your house sale to super – Downsizing rules explained
Update as of 19 May 2021 From 1 July 2022, the eligibility age to be able to make a downsizer contribution reduces from 65 to 60 years old. There are no other changes to the remaining eligibility criteria. The 2017 Federal Budget contained a downsizing measure that allows individuals aged 65 or over to make…
April 22, 2021
Your 2021 End of Financial Year (EOFY) Considerations
The COVID-19 pandemic has affected everyone’s lives, and SMSF trustees are no exception. With the worst of the pandemic hopefully behind us, you may still have difficult questions to ponder as you focus on how best to position your SMSF in 2021-22, as well as meet your fund’s annual regulatory obligations for 2020-21. If there…
April 26, 2018
Personal Superannuation Contributions – 10% rule repealed
With the end of the financial year fast approaching, it is the perfect time to start thinking about your income tax deductions. Under the new Government changes to super, effective 1 July 2017, the 10% maximum earnings condition for personal superannuation contributions was removed for the 2017-18 and future financial years. This rule provided that…
November 24, 2017
Monitoring your $1.6 million transfer balance cap
This document contains complex SMSF technical information and is aimed at individuals who have a comprehensive understanding of transfer balance caps. We highly recommend that you gain the advice of an SMSF Specialist in order to assist you in monitoring the transfer balance cap within your fund. To find your nearest SMSF Specialist, use our…
January 31, 2017
Contributions – what the changed concessional and non-concessional caps may mean for you
With the superannuation changes announced in the 2016 Federal Budget now passed by Parliament, there is greater certainty for you when approaching your SMSF planning and the contributions you might wish to make to your SMSF. Concessional (pre-tax) contributions made into your SMSF are included in the SMSF’s assessable income. They are taxed in your…
June 17, 2016
I’m over 65 years of age can I still contribute to my super fund?
If you are 65 years of age or older, you can still contribute to your super, however, there are conditions that must be met and limits to how much you can contribute. We’ll walk you through the conditions that must be met and limits below. Concessional Contributions are before tax contributions. They include employer contributions,…
June 2, 2016
The tips for rolling over to a self managed super fund
You may wish to roll-over (transfer) the money you have in superannuation to another fund. For example, you may have just established a self-managed superannuation fund (SMSF) with the aim of commencing an income stream or for investment purposes, retirement and you would like to move all of your super benefits to that fund. This…