Updated as of 02 May 2023 A round-up of some superannuation changes January – April 2023 and key developments that may be relevant to you, as trustee of your SMSF. It is important that you know what changes are coming, so you can effectively understand how they may affect you and the members of your SMSF.…
April 26, 2023
One of these four things could push you over the planned $3m super cap
Opinion piece written by Peter Burgess, CEO, SMSF Association First published in Financial Review on 26 April 2023. Licensed by Copyright Agency. Capital gains tax liabilities and a sudden surge in asset prices just before June 20 are just two of them. It’s the year 2026 and Joan, a chartered accountant, has just retired from…
March 24, 2023
Think the new $3m super cap won’t affect you? Here’s how it could
Opinion piece written by Peter Burgess, CEO, SMSF Association First published in Financial Review on 23 March 2023. Licensed by Copyright Agency. Unintended consequences could include insurance payouts, non recourse property loans and even death benefits. The government’s decision to introduce a $3 million cap on super balances above which earnings will be taxed at…
March 20, 2023
Superannuation Rates and Thresholds
Written by Fabian Bussoletti, Technical Manager, SMSF Association Each year, several key superannuation rates and thresholds are indexed in line with movements to Average Weekly Ordinary Time Earnings (AWOTE) or Consumer Price Index (CPI). Following the release of these key statistics by the Australian Bureau of Statistics (ABS) last month, the thresholds most relevant to…
February 28, 2023
Financial advice review leaves accountants out in the cold
Opinion piece written by John Maroney, CEO, SMSF Association First published in Financial Review on 23 February 2023. Licensed by Copyright Agency. The Quality of Advice Review has a lot of good stuff, but the conversation is ongoing for specialist advisers and accountants. The final report of the Quality of Advice Review has much to…
January 23, 2023
Why you need more than just $200,000 to start your own super fund
Opinion piece written by John Maroney, CEO, SMSF Association First published in Financial Review on 23 January 2023. Licensed by Copyright Agency. It’s not only about the starting amount, says the regulator – illustrating the point with two different case studies. For anyone considering setting up a self-managed super fund, the updated guidance released recently…
December 27, 2022
Run your own super fund? This is what to watch out for in 2023
Opinion piece written by John Maroney, CEO, SMSF Association First published in Financial Review on 27 December 2022. Licensed by Copyright Agency. With government proposals to cap large super balances, there are four key issues to consider. There will be no shortage of issues for self-managed super funds to grapple with in 2023. The debate…
December 9, 2022
ASIC releases updated SMSF advice guidance
Written by Peter Burgess, Deputy CEO / Director of Policy & Education On December 8 2022 ASIC released information Sheet 274 Tips for giving self-managed superannuation fund advice (INFO 274). This information sheet is designed to help Australian financial services (AFS) licensees and their representatives comply with their obligations when providing personal advice about SMSFs. INFO…
December 5, 2022
How retirees can save more than $3000 a year
Opinion piece written by John Maroney, CEO, SMSF Association First published in Financial Review on 1 December 2022. Licensed by Copyright Agency. The income threshold for eligibility for a Senior’s Health Card has just been significantly increased in gift to many self-funded retirees. For some self-managed super fund (SMSF) members, Christmas has come early. Seven…
November 7, 2022
When stepchildren miss out on inheritance
Opinion piece written by John Maroney, CEO, SMSF Association First published in Financial Review on 4 November 2022. Licensed by Copyright Agency. An ATO ruling that excludes family members on the death or divorce of their natural parent seems arbitrary in a society where blended families are widespread. For self-managed super fund trustees, the issue…