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…
March 18, 2021
Buyer beware when acquiring assets from a related party
The unforeseen, and rapid onset of the COVID-19 pandemic may have caught some individuals by surprise, especially if working hours were reduced or their income earning capacity was negatively impacted. For those individuals who have met the required conditions to release money from their SMSF, they may opt to increase pension drawdowns or access a…
November 25, 2020
Is an SMSF the right answer for you?
November 2020 We believe that every Australian has the right to a good quality of life in retirement. An SMSF offers control, flexibility, and choice but ultimately, they aren’t the best option for everyone: it comes down to individual circumstances. To help those considering an SMSF for their retirement savings, this two-page flyer details a…
November 23, 2020
Cost of Operating SMSFs 2020: Infographic
November 2020 The cornerstone of the 2020 SMSF Week was the release of a key piece of research, conducted by Rice Warner, to update its previous findings for the Australian Securities and Investments Commission in 2013 ‘Costs of Operating SMSFs‘. Assessing the cost-effectiveness of SMSFs compared to APRA regulated super funds, the research, examines the…
November 17, 2020
New super contribution rules for older Australians
Superannuation rules are never stable, and the start of the 2020/21 financial year is no different. For older Australians, recent changes to the contribution rules may present new opportunities to contribute to superannuation. The changes are focussed on individuals aged between 65 and 74 and are designed to provide more flexibility in retirement. So, what…
November 6, 2020
A common misconception and tips for SMSF trustees
Written by Name, Title, Company Whether you are thinking of setting up a self managed super fund (SMSF) and want to familiarise yourself with what is involved or you’re a long-term trustee that wants to ensure they are adhering to the various rules and regulations of SMSFs, running your own fund is a big responsibility.…
October 15, 2020
What’s next for SMSFs, post the Federal Budget?
The 2020-21 Federal Budget is all about jobs, jobs and jobs. COVID-19 has resulted in the most severe global economic crisis since the Great Depression. This Budget provides an additional $98 billion of response and recovery support under the COVID-19 Response Package and the JobMaker Plan. With the budget focussed on supporting small business and…
September 23, 2020
What can we expect from the 2020-21 Federal Budget?
The 2020-21 Federal Budget to be handed down on 6 October will be one of the most crucial in Australia’s history. The Budget will provide a further update on the economic and fiscal impacts of the coronavirus in Australia and is expected to set out the path to economic recovery. September 2020 The 2020-21 Federal…
July 14, 2020
Take control of your super – Time to set up an SMSF?
Setting up an SMSF can be complicated. Not getting it right can materially affect your financial situation and retirement plans. The first question you need to be sure about is whether an SMSF is the right fit. Seeking advice from an SMSF Specialist can help you determine this answer. Some considerations include: Do you have…
May 20, 2020
When failure to meet minimum pension standards comes at a cost
Written by Emma Partenza, SMSF Works, SMSF Specialist Advisor (SSA) May 2020 Overview The primary tax concession for an SMSF that pays a retirement phase pension is the partial or potentially full exemption from fund income tax (15%) on eligible assessable income. However, this is put at risk where the minimum pension standards are not…