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It's that time of the year to make sure you, as trustee of your SMSF, are aware of the important dates and deadlines to keep in mind for your superannuation obligations. Have a read to make sure you don’t forget any before it's too late. 28th February 2022 Tax return lodgement due date for new SMSF’s (for those that have a tax agent) 28th February 2022 December BAS/PAYG due for SMSF trustees that have a tax agent administering their super fund 28th April 2022 TBAR lodgement due date for large SMSF’s that started a pension in the March quarter 28th [...]

It doesn’t seem like that long ago that we saw some new superannuation legislation changes to the age limits & work test for making contributions to super, but here we are again with more changes still. These will be welcomed by retirees that come into effect from 1 July 2022 so let’s run through them and see how they can work together for maximum benefit. Increase of the age required to meet the work test to make non-deductible contributions from 67 to 75. This means you can make non-deductible contributions to your super fund until you turn 75. The same [...]

Every year it feels as though the contribution caps are changing in some way or another and on top of that our employer SG contributions are going up. This makes it very important to know what caps are relevant to you and when you can utilise different types of super contributions to help build your wealth. Types of contributions Let’s start by going over the types of contributions as they can sound complex. Firstly there are concessional contributions. These are made up of both employer contributions and personal contributions which you have claimed a tax deduction for (including salary sacrificed [...]

Wanting to control your investments is often a key reason for considering an SMSF. SMSF’s offer a broader choice of investment options which are not usually accessible in retail or industry super funds. Knowing what these are is important so you can consider the appropriateness of each asset for your own SMSF investment strategy. Before we get started have a quick read of our blog regarding investment strategies to remind yourself why you must keep one and how your investment choices impact this document. Assets that your SMSF can invest in: • Listed shares both Australian and overseas • Managed [...]

You are probably getting your documents together in the coming weeks or months to have your super fund financials and tax return prepared. It may also mean it is time to think about getting those asset valuations done. Ensuring your SMSF assets are valued accordingly is an important aspect of being an SMSF Trustee. Some assets are easy to have valued. Cash for example is simply the balance. Shares listed on the ASX are revalued daily. But for some other assets it just isn’t that simple. The most common questions we get asked around asset valuations are the following: 1. Who [...]

It was a long wait but it was worth it. A Bill has passed through Parliament in June allowing up to 6 SMSF members and those aged 65 and 66 can access the bring forward rule. There were also a few others measures that passed that are important which we will go through below. 6 member funds Historically, SMSF’s have only been able to have up to four members. This can be limiting for some family groups. From 1 July 2021 this has now increased to six. With this change has come some great opportunities that may be right for [...]

We have now all had some time to go over the Federal Budget in detail. Hopefully you have considered our EOFY checklist so with that all in order why don’t we consider how the Federal Budget and the indexation of some of the superannuation thresholds will work together as we move into 2022. The Federal Budget had a fair amount in it for individuals, business owners and superannuation. From 1 July 2022 those relevant to your super include the following Minimum age to make the $300,000 downsizer contribution reduced from 65 to 60 No more work test for those aged 67 [...]

June 2021 is coming to a close already! How fast time is flying. There are still some COVID measures in place that you must be aware of and some changes next year that may impact your decision making this year. Let’s take a closer look at your end of year checklist to make sure nothing is missed: We don’t like complicated. So let’s use the below checklist to ensure you have considered and actioned everything you need for your superannuation including the impacts of COVID: SMSF’s and COVID Am I aware that I only need to take half of my [...]

Pre 30 June Checklist Life in Australia has somewhat returned to normal (touch wood) which means we have the opportunity to check that our financial plans are on track and we make the most of our opportunities before the end of the 2021 financial year. Take 5 minutes of your time to run through this checklist to make sure you don’t miss anything before it is too late. Contributions Have you considered making a personal concessional contribution to super before 30 June 2021? Discuss with your advisor to optimise your tax position. Read our blog on Making Personal Contributions to [...]

COVID-19 has resulted in changes and uncertainty across the board, particularly in the financial sector. So here are some quick tips to get on top of your SMSF during these uncertain times. Review your investment strategy Your investment strategy must be reviewed regularly and at the very least annually. However, significant events should prompt additional reviews to ensure variations are made if and where necessary. Ensure you document any changes to your strategy that you make. Remember that short term variations shouldn’t really impact your overall investment strategy however they should still be considered. Ensure your annual SMSF documents are [...]