We are delighted to announce that Allan Hall Business Advisors has been named Winners in three Client Choice Award specialist categories for firms with up to $30M revenue:
Best Business Advice Firm
Best Self-Managed Super Fund Firm
Best Auditing Firm
FirmChecker Reviews are conducted as part of our annual client review process to canvass feedback on our performance across a range of criteria. The Awards are open to firms of all sizes operating in Australia and New Zealand and are independently researched and judged by Beaton Research and Consulting.
Scott Jago said the team was ecstatic about receiving such a huge honour!
“We believe it shows our willingness to continually develop and evolve. Our efforts get recognised because we’re consciously improving and progressing as a business. For clients, we think that’s a key characteristic to consider when choosing an accounting firm.”
“Our clients do notice and are positive about our achievements. We see them as part of our business, in a familiar way, much like a family.”
It was a highly competitive year that saw hundreds of professional firms enter across Australia and New Zealand, with over 15,000 survey responses submitted.
Committing Allan Hall to client service and honest feedback through FirmChecker is an annual initiative. By submitting our performance to external scrutiny, we believe, only benefits our standards and enhances our client service.
We are delighted to stand as 2022 winners amongst such esteemed company – listed here on the FirmChecker website.
FirmChecker CEO and Founder Ben Farrow added, “Congratulations to your entire team on being named a Winner in Client Choice Awards 2022. To be recognised as a winner is a big achievement. To win 3 specialist categories is super exciting.”
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 received royal assent on 22 June 2021.
From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members.
If you are considering expanding your fund, you will need to consider things such as what your fund’s trust deed allows, the structure of your fund and its reporting requirements.
Some State and Territory laws restrict the number of trustees a trust can have. Because an SMSF is a type of trust, your fund may be impacted by these restrictions. To avoid this issue, you can set up your SMSF with a corporate trustee and each member as a Director of the corporate trustee.
The ATO is currently implementing the necessary system changes to enable SMSFs to add members five and six to their fund through the Australian Business Register (ABR). We recommend you wait until the ABR is updated before you register or update your fund with more than four members.
If this is not possible, an interim solution will be available from 1 July 2021 and can be used to add a fifth or sixth member.
It is important to seek professional advice and check State or Territory law restrictions before registering or expanding your fund.
Contact our Allan Hall Self-Managed Superannuation team if you would like some help on 02 9981 2300.
The information in this brochure is of a general nature only and does not take into account your personal objectives, financial situation or specific needs. We recommend that you consider your own financial position, objectives and requirements and seek advice from an authorised financial adviser before making any financial decisions.
Allan Hall Business Advisers Pty Ltd is a Corporate Authorised Representative of Allan Hall SMSF Advisory Pty Ltd ABN 71 608 966 276 AFSL 485203. Allan Hall Financial Planning Pty Ltd is an Authorised Representative of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.
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.
The minimum annual pension payment is calculated as a percentage of your pension account balance as at 1 July 2021 in accordance with the table below:
Age as at 1 July 2021
Minimum %
Under 65
4%
65 – 74
5%
75 – 79
6%
80 – 84
7%
85 – 89
9%
90 – 94
11%
95 and over
14%
Please Note: A temporary reduction of 50% of the minimum pension drawdown applies for the 2021/22 financial year due to the Covid-19 pandemic.
You must withdraw at least the minimum amount before 30 June 2022. If you fail to do so, the super fund will lose its tax exemption for the income generated by the assets funding your pension.
If you are receiving a Transition to Retirement Income Stream (i.e. you are under 65 years of age and not yet retired), you are only eligible to withdraw a maximum of 10% of your pension account balance as at 1 July 2021. We will notify you of the maximum annual pension payment for 2021/22 if this applies to you.
If you are still eligible to make contributions to your super fund and you intend on making a large contribution sometime during the 2021/22 financial year that is to be converted to a pension, please advise our office so that we can ensure the contribution amount does not exceed your relevant contributions cap, prepare the necessary documents to commence the pension and advise you if you need to withdraw an additional amount from the super fund in order to satisfy the minimum annual pension amount for 2021/22.
Contact our Allan Hall Self-Managed Superannuation team if you would like some help on 02 9981 2300.
The information in this brochure is of a general nature only and does not take into account your personal objectives, financial situation or specific needs. We recommend that you consider your own financial position, objectives and requirements and seek advice from an authorised financial adviser before making any financial decisions.
Allan Hall Business Advisers Pty Ltd is a Corporate Authorised Representative of Allan Hall SMSF Advisory Pty Ltd ABN 71 608 966 276 AFSL 485203. Allan Hall Financial Planning Pty Ltd is an Authorised Representative of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.
Concessional contributions are before-tax contributions that include both employer contributions (i.e. superannuation guarantee amounts and salary sacrificed amounts) and personal contributions for which a person may be eligible to claim a tax deduction in their personal income tax return.
Concessional contributions are included in the assessable income of the super fund and taxed at 15%.
The concessional contribution limit is $27,500 for 2021/22.
Even if a person receives the majority of their income from employment, they are able to make personal tax-deductible contributions instead of having to enter into a salary sacrifice arrangement to top up their super.
These personal contributions can be made in addition to the 10% an employer contributes on their behalf and they can claim a personal tax deduction for them. The $27,500 cap on concessional contributions applies to the combined amount of the 10% from the employer and any additional amount contributed for which a tax deduction is claimed.
For those intending to make a personal contribution and claim a tax deduction, it is important to notify us so that we can correctly account for it in the super fund.
Please refer below for age limitations and eligibility rules generally regarding making super contributions.
Catch Up Concessional Contributions
Individuals with a total superannuation balance of less than $500,000 in a particular year are able to make ‘catch up’ contributions in 2021/22 if a person did not use their entire contribution cap of $25,000 in 2018/19, 2019/20 or 2020/21. The unused amount may be carried forward for up to five financial years.
For example, Jenny’s employer contributions are $10,000 in each of 2018-19, 2019-20 and 2020-21. Her total superannuation balance at 30 June 2021 was $350,000. This leaves an unused amount of her concessional contribution cap of $15,000 for each year, totalling $45,000 which Jenny can use to increase her concessional contribution cap if needed.
Jenny will therefore have a total concessional cap of $72,500 for 2021-22 comprising the annual concessional limit of $27,500 plus $45,000 of unused concessional contributions from the three prior financial years. She has two years left to use the initial unused contributions from 2018/19.
Non-Concessional Contributions
Non-concessional contributions are after-tax contributions made to super from a personal source. Non-concessional contributions are not included in the super fund’s assessable income and are therefore not taxed on entry into the fund.
If a person has a total superannuation balance in excess of $1.7m as at 30 June 2021, they are not able to make further non-concessional contributions to super in 2021/22.
If a person has a total superannuation balance below $1.7m as at 30 June 2021, their non-concessional contribution limit is $110,000 for 2021/22.
A person aged 66 or under on 1 July 2021 may have an ability to ‘bring forward’ the non-concessional contributions limit for the following two years in accordance with the following table.
Total Super Balance at 30 June 2021
Age < 67 on 1 July 2021 **
Age 67-74
Less than $1.48m
$330,000
$110,000
Greater than $1.48m & less than $1.59m
$220,000
$110,000
Greater than $1.59m & less than $1.7m
$110,000
$110,000
Greater than $1.7m
$0
$0
** Please note that is a contribution is made after turning age 67 during 2021/22 then the bring forward rules can be utilised but the work test must first be satisfied.
Work Test
For those aged 67 to 74 years, a work test applies in order to be eligible to contribute to super during the 2021/22 financial year.
To satisfy the work test, the person must have worked at least 40 hours in a consecutive 30-day period in the financial year before the fund is eligible to accept the contribution.
For those aged 75 or over, the super fund is only able to accept mandated employer contributions (i.e. superannuation guarantee amounts) made on their behalf.
In the May 2021 Federal Budget, the Government announced its intention to abolish the work test with effect from 1 July 2022 and allow persons aged less than 75 to utilise the above noted bring-forward rules from 1 July 2022 onwards however these budget proposals are not yet law.
Other Contributions
Individuals aged 65 or older may be able to make ‘Downsizer Contributions” of up to $300,000 per person subject to satisfying specific criteria upon selling your primary residence. The work test is not required to be met for this type of contribution.
Individuals selling a business or business assets may be able to make contributions using the “CGT Cap” subject to satisfying specific rules of the CGT Small Business concessions.
Contact our Allan Hall Self-Managed Superannuation team if you would like some help on 02 9981 2300.
The information in this brochure is of a general nature only and does not take into account your personal objectives, financial situation or specific needs. We recommend that you consider your own financial position, objectives and requirements and seek advice from an authorised financial adviser before making any financial decisions.
Allan Hall Business Advisers Pty Ltd is a Corporate Authorised Representative of Allan Hall SMSF Advisory Pty Ltd ABN 71 608 966 276 AFSL 485203. Allan Hall Financial Planning Pty Ltd is an Authorised Representative of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.
