Opinion piece written by Tracey Scotchbrook, Head of Policy & Advocacy, SMSF Association First published in Financial Review 09 August 2023. Licensed by Copyright Agency. Even couples well below the new proposed threshold could face an extra 15 per cent tax thanks to an insurance payout in tough times. There has been much talk about…
July 14, 2023
Trustees trapped in nightmare of new expense rules
Opinion piece written by Peter Burgess, CEO, SMSF Association First published in Financial Review 13 July 2023. Licensed by Copyright Agency. What is being forgotten is that the goal behind the change was to target SMSFs that enter borrowing arrangements with related parties on non-arm’s-length terms. New non-arm’s-length expense (NALE) rules have become an administrative…
June 15, 2023
$3m super tax cap will hit farmers’ finances
Opinion piece written by Peter Burgess, CEO, SMSF Association First published in Financial Review on 15 June 2023. Licensed by Copyright Agency. Agricultural landowners are often asset rich and cash poor – which is why they will be gravely disadvantaged by the proposed $3 million cap on super balances. Just do the sums. At March…
June 8, 2023
Your Handy 2023/24 Super Reference Guide
Updated as of 08 June 2023 Gain an overview of the 2023/24 financial year contribution caps, benefit payments, eligibility and more with our helpful Super Reference Guide. The 2023/24 Super Reference Guide is a useful and quick reference to help you and your self managed super fund step through the year with confidence. Download your…
May 17, 2023
Do this after June 30 and you could boost your super by $110,000
Opinion piece written by Peter Burgess, CEO, SMSF Association First published in Financial Review on 17 May 2023. Licensed by Copyright Agency. Getting the timing right on contributions is just one of a host of things SMSF members need to pull together before the end of the tax year. With June 30 fast approaching it’s…
May 2, 2023
Your Super Update – Edition 1
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…