Category: Super

Paying super for different visas

Normally employers have to pay a worker super. However, this becomes confusing with the different visas that employees might be on. Some rules are listed below. Paying super to temporary residentsTemporary residents…

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Employer super obligations reminder

The Australian Tax Office (ATO) is reminding employers to check they are meeting their obligations when it comes to paying super to their workers. To help you make sure you are meeting…

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Winding up a SMSF

The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF…

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What is exempt current pension income?

Any ordinary and statutory income a self-managed super fund (SMSF) earns from assets held to support retirement phase income streams is exempt from income tax – this income is commonly referred to…

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Avoid being short changed with your super

With recent regulatory changes to super contributions, it is easier than ever to ensure your employer is paying you the super you are entitled to. There are specific steps you can take…

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Super contribution caps: the basics

Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at…

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Protect yourself from early super release scams

When it comes to protecting your nest egg, avoid getting caught out by a promoter of an illegal early release super scheme. Early release super scheme scams will involve a promoter contacting…

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Hiring temporary residents: employer super obligations

Employers are being reminded by the Australian Tax Office (ATO) not to forget that along with permanent residents; temporary residents are also entitled to super guarantee (SG). In most cases, an employer…

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Superannuation Guarantee Amnesty

The Superannuation Guarantee Amnesty was introduced on 24 May 2018 by the Minister for Revenue and Financial Services in a bid to tackle non-payment of employee super. The Amnesty provides a one-off…

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Reviewing your super

The ATO is encouraging taxpayers to review their super this tax time. Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg. There is…

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SMSFs: beware of illegal early super release

The Australian Tax Office (ATO) is reminding self-managed super fund (SMSF) trustees to beware of allowing members to access their super early. A self-managed super fund (SMSF) trustee must meet a condition…

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ASIC’s view on SMSFs as ‘one-stop property shops’

The Australian Securities Investment Commission (ASIC) has released a new report highlighting its view on the setup of SMSFs for property investments using ‘one-stop shop’ models. ‘One-stop shop models’ tend to promote…

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ATO advice for SMSF members with a market-linked pension

The Australian Tax Office (ATO) has recently been made aware of circumstances where a member of a SMSF commences a new market-linked pension and unintentionally exceeds their transfer balance cap. An individual…

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SMSFs: reporting change

Self-managed super funds (SMSFs) are required to provide an accumulation phase value (APV) on their transfer balance account report for 30 June 2017 in certain circumstances. SMSFs should note, APV is often…

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Changes to SMSF 2017-18 annual return

There is a number of changes to the 2017-18 Self-managed super fund annual return (SAR) thanks to the super changes which came into effect on 1 July 2017. Transition to retirement income…

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Superannuation Guarantee Amnesty

In a bid to tackle non-payment of employee superannuation, the Minister for Revenue and Financial Services announced the beginning of a 12-month Superannuation Guarantee Amnesty (the Amnesty) on 24 May 2018. The…

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First Home Super Saver Scheme

The First Home Super Saver (FHSS) is a scheme that enables Australians to save for their first home inside their superannuation fund. The plan allows for faster saving with the before tax…

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Claiming personal super contributions deductions

More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July…

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How the new super measures will apply to SMSFs

The Government has introduced new measures to allow SMSF members to access their super for their first home or make contributions to their super from the sale of downsizing their home. SMSFs…

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Budget 2018: living longer

The Government is introducing a series of new measures designed to help Australians keep a greater portion of their superannuation savings pie. Insurance opt-in Insurance within super may not be suitable for…

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Upcoming deadline for SMSF 2016-17 returns

Self managed super fund (SMSF) trustees are reminded that the deadline for their 2016-17 annual return is fast approaching. The extended due date for annual SMSF returns is 30 June 2018. As…

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Topping up your super with downsizer payments

Due to new super measures introduced by the Government, Australians will now be able to contribute part of the proceeds of the sale of their home towards their superannuation. From 1 July…

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How to catch out an illegal super scheme

When a super scheme seems too good to be true, it often is. Many illegal super schemes are operating in Australia, so it is crucial to understand the characteristics of such schemes.…

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Staying ‘super’ compliant

Employers have a legal responsibility to pay eligible employees superannuation to provide for their retirement. And although most employers do the right thing, some do try to bend the rules which can…

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ATO alerts issued for unclaimed super

The Australian Tax Office (ATO) will be contacting 80,000 individuals, starting this week, to alert them of unclaimed super. An email campaign will alert members about ATO-held unclaimed super money from 5…

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Non-arm’s length income from trusts and SMSFs

The ATO is reminding self-managed super funds (SMSFs) of the rules regarding non-arm’s length income from trusts. The non-arm’s length income rules can apply to investments, transactions and other arrangements undertaken by…

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SMSFs and cryptocurrencies

Bitcoin and other cryptocurrencies have become increasingly popular over the past few years. As many keen investors jump on board, the ATO is reminding SMSFs to be aware of the tax consequences.…

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Eligibility for the downsizer measure

As of 1 July 2018, the Government will introduce a new measure that allows the contribution of up to $300,000 of proceeds from downsizing a home to be added to superannuation. The…

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Setting up your SMSF correctly

Setting up your self-managed super fund can be a daunting process; you want to ensure you are covering all legal requirements throughout the process. The Australian Taxation Office has outlined steps to…

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Common SMSF mistakes to avoid

Running a self-managed super fund can be a great strategy for your super and your retirement, provided you manage it correctly. To ensure you can enjoy the later stages of life and…

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The in’s and out’s of asset allocation

Deciding where to allocate your assets can be confusing and even daunting, particularly if you aren’t confident in your knowledge of the current financial sphere. Consider the following in’s and out’s of…

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Understanding various kinds of super fees

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is…

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Understanding the First Home Super Saver Scheme

With much controversial discussion surrounding the First Home Super Saver Scheme, understanding exactly what the Scheme entails is necessary. The scheme was announced in the 2017-18 Federal Budget as a means to…

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Maximising your SMSF returns

Many Australians opt for a self-managed super fund but fail to understand how to truly make it perform optimally. If you have an SMSF and are serious about maximising your returns, consider…

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Succession planning and the transfer balance cap

The superannuation transfer balance caps have been problematic for SMSF members who don’t take careful consideration when succession planning. Failure to understand the impact of these transfer balance cap changes can have…

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Secrets to a savvy SMSF

Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone. If you aren’t prepared to adhere to the following tips, your SMSF will most…

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Super funds boast high returns in 2017

Superannuation funds in Australia have delivered a return of 10.5 per cent for 2017 – the first double-digit growth since 2013. According to recent findings, there was a 1.3 per cent rise…

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Super housing legislation

The First Home Super Saver (FHSS) Scheme and the downsizing contributions into superannuation measures passed Parliament on 13 December 2017. As of 1 July 2017, individuals can make voluntary concessional and non-concessional…

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Excess Transfer Balance Determinations from January 2018

The Australian Tax Office will start sending Excess Transfer Balance (ETB) Determinations from January 2018. ETB determinations will be sent to any individuals who have exceeded their transfer balance cap and have…

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ATO action on overdue SMSF annual returns

The Australian Tax Office (ATO) is cracking down on self-managed super funds (SMSFs) that have overdue SMSF annual returns, particularly those with two or more returns overdue. As part of its compliance…

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SMSF preparations for 2018

As the new year fast approaches, there are a number of considerations SMSF trustees should be aware of leading into 2018. Before the end of the year, take time to address the…

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SMSFs warned of risky retirement planning

The ATO is warning self-managed super fund (SMSF) trustees about the risks of some emerging retirement planning arrangements. Retirees or SMSF trustees who are involved in any illegal arrangement, even by accident,…

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SMSF annual return for pension phase trustees

Self-managed super fund (SMSF) trustees who are in pension phase must lodge their SMSF annual returns if they remain active, or choose to wind up the fund. The ATO is warning SMSF…

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SMSFs: Stats

The Australian Tax Office (ATO) has released its June 2017 quarterly SMSF statistical report detailing key SMSF figures. As of June 2017, the number of SMSFs increased to 596,516. The number of…

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SMSF: Capital vs revenue expenses

Self-managed super funds (SMSFs) have access to a range of tax deductions for expenses incurred. Whether the expenses are capital in nature or are considered as revenue will affect eligibility for claiming…

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Lower House passes first home super scheme

While many Australian’s sit firmly on either side of the first home super scheme debate, the Lower House has passed the scheme. The scheme was proposed in the Budget released in May…

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Super co-contributions

Individuals may be eligible for a Government super co-contribution. A Government co-contribution means the Government adds to your super. You may be eligible for the super co-contribution, low-income super contribution (LISC) from…

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Splitting super

When partners in a SMSF separate, there are specific legal and tax implications that should be considered. It is possible to split super benefits, i.e., transfer assets, such as property, from one…

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Transfer balance account report now available

The new transfer balance account report (TBAR) is available on the ATO’s website. Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account.…

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Keeping your SMSF compliant while overseas

Travelling overseas for an extended period of time is an exciting adventure. What isn’t so exciting is the prospect of breaking compliance laws in relation to your SMSF while enjoying your trip.…

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