Increase in SMSF Membership
Increase in SMSF Membership
From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members. It is important to seek professional advice and check State or Territory law restrictions before registering or expanding your fund.
Read more
2021/22 Pension Payments
2021/22 Pension Payments
If you are receiving a pension from your SMSF your minimum annual pension payment for 2021/22 will be re-calculated upon finalisation of the 2020/21 financial accounts and you will be notified of the relevant amount to withdraw before 30 June 2022. A temporary reduction of 50% of the minimum pension drawdown applies for the 2021/22 financial year due to the Covid-19 pandemic.
Read more
2021/22 Contribution Limits
2021/22 Contribution Limits
Concessional contributions are before-tax contributions that include both employer contributions and personal contributions for which a person may be eligible to claim a tax deduction in their personal income tax return. The concessional contribution limit is $27,500 for 2021/22.
Read more
ACT NOW Super Contributions for Year Ended 30 June 2021
ACT NOW Super Contributions for Year Ended 30 June 2021
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.
Read more
2020-2021 Federal Budget: Taxation and Accounting Overview
2020-2021 Federal Budget: Taxation and Accounting Overview
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 […]
Read more
Maximise Your Superannuation Contributions for Year Ending 30 June 2020
Maximise Your Superannuation Contributions for Year Ending 30 June 2020
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 […]
Read more
REMINDER: Withdraw Your Minimum Pension Payment Before 30 June 2020
REMINDER: Withdraw Your Minimum Pension Payment Before 30 June 2020
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 […]
Read more
Pension Requirements Halved by Australian Government
Pension Requirements Halved by Australian Government
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. […]
Read more
Have you paid your Superannuation Guarantee Contributions for the December 2019 Quarter?
Have you paid your Superannuation Guarantee Contributions for the December 2019 Quarter?
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 […]
Read more