Superannuation reforms – what they will mean for you

The Australian Government finally had most of its 2016 budget measures on superannuation pass through Parliament on 23 November, following a tortuous process of negotiation with the cross-benches. Most of these changes to Australia’s superannuation system will take effect from 1 July 2017.

Read more

2016-17 Federal Budget signals significant changes to superannuation

The Turnbull Government’s Federal Budget, delivered on 3rd May 2017, included the most significant structural changes to the Australian superannuation system since compulsory superannuation was first introduced. Pre-budget speculation had anticipated many changes, however some have gone much further than anticipated.

Read more

7 SMSF trustee responsibilities you must understand

Running your own self-managed super fund (SMSF) can provide a great means of managing your retirement savings, with the potential for more control, greater choice and lower costs. In fact, more than one million Australians are now members of an SMSF.

Read more

When can your SMSF benefits be paid?

The money put aside in your self-managed superannuation fund (SMSF) is, of course, intended to be kept to fund the retirement of you and your fellow fund members. The over-riding obligation of you as trustee is to adhere to this “sole purpose” test.

Read more

How does SuperStream affect your SMSF?

SuperStream is part of the Government’s Stronger Super initiative and introduces a more efficient method of sending superannuation payments and associated information in the superannuation system. Measures have been progressively coming into place since July 2014.

Read more

SMSF limited recourse borrowing arrangements

Do you understand when your self-managed superannuation fund (SMSF) can borrow and when it can’t?

Generally, SMSFs are not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.

Read more

Does your SMSF need an Actuarial certificate?

An Actuarial certificate is a statement provided by a qualified actuary to confirm the proportion of an self managed superannuation fund’s (SMSF)  income that should be exempt from income tax. The tax treatment of a fund depends on whether it is in accumulation or pension phase, or a combination of both.

Read more

Time to wind up your SMSF? Your list of dos and don’ts

There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF).

It’s always a good idea to start by sitting down to read your trust deed, as it may contain vital information about winding up your fund. Remember, once a fund is wound up, it cannot be reactivated.

Read more

How to give your SMSF a boost in retirement

While providing income for retirement is the obvious purpose of a pension paid from a self-managed superannuation fund (SMSF), there are some issues to think about before drawing a pension from your SMSF.

Read more

5 steps to successful succession planning

While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality.

Read more