SMSF

Make super contributions by 16 June 2021 to allow 2 weeks for contributions to be processed and allocated to your account, particularly as super funds are extremely busy at this time of year.

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2020-21 Federal Budget at 7:30 pm (AEDT) on 6 October 2020. Below we have provided a taxation and accounting overview of the changes outlined in the Budget. “Australia’s economic response to the COVID-19 pandemic in the form of the original and extended JobKeeper scheme, the cashflow […]

If you are seeking to maximise your superannuation contributions in 2019/20, please carefully review the limits and information below.   Your contributions must be received in your Fund on or before 30th June 2020.  The reason is two fold to ensure that: 1. You are eligible to claim a deduction in 2019/20 for any personal […]

We would like to remind our SMSF retirees to check your super fund records to ensure you have drawn your 2019/20 minimum pension payment by 30 June 2020. If you forget to withdraw or do not draw enough, your super fund will be subject to 15% tax on its pension asset investment earnings, rather than being […]

Important superannuation measures have now been put in place in response to the current challenges we are facing due to the Coronavirus (COVID-19).  The key measures include: Temporarily Reduce Superannuation Minimum Drawdown Rates The Government is temporarily reducing superannuation minimum drawdown requirements for account based pensions and similar products by 50 per cent for 2019-20 and 2020-21. […]

Staff superannuation guarantee contributions for the December 2019 quarter are due before the 28th of January 2020. We would like to remind all employers that Superannuation Guarantee (SG) Contributions for December 2019 are now DUE and must be received before the 28th of January. If you are an employer or are responsible for managing employee […]

Don’t leave your contributions to the last minute This is particularly important if you plan to claim a tax deduction for any of your contributions. Contributions are included in a financial year if they are received in your fund’s bank account by 30 June. With 30 June falling on a Sunday this year, it would […]

The Federal Government recently passed the “Protecting Your Super” (PYS) legislation package. This is designed to provide better outcomes for superannuation members by preventing inactive superannuation accounts being eroded by insurance premiums. From 1 July 2019, Super Funds are required to cancel insurance cover for any members whose accounts are deemed “inactive” for a continuous […]

After taking a policy of stability for superannuation to the election, the Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives. After the introduction of the significant legislative changes which came into effect on 1 July 2017, you may be relieved to hear […]