The Government is helping retirees to manage the impact of volatility in financial markets on their retirement savings by temporarily reducing superannuation minimum drawdown requirements. The Government is also reducing social security deeming rates in recognition of the impact of the low interest rates on savings.
Summary
The Government is temporarily reducing
Continue ReadingFor most self-managed super funds (SMSFs) the due date for the 2018–19 SMSF annual return is Friday 15 May 2020. Trustees need to engage an approved auditor before the end of March to ensure their fund receives an audit in time to meet this lodgment deadline.
If your SMSF is more
Continue ReadingOn 6 March 2020, the Government reintroduced legislation to establish a one-off amnesty for historical underpayment of the superannuation guarantee (SG). The amnesty, which was originally announced in May 2018 but failed to make it through parliament, will now run until 7 September 2020.
The amnesty will enable employers to report
Continue ReadingEveryone makes mistakes. When it comes to preparing and lodging your self managed super fund (SMSF) annual return, we know you want to get it right. To help, the ATO has identified the top 5 mistakes made on SMSF annual returns (SARs) and how you can avoid them when lodging
Continue ReadingSingle Member SMSF
When navigating the SMSF, it’s important to spread risk around so that if one type of asset doesn’t perform, you have other types of assets to help you reach your investment goals.
For single member SMSFs, there are special rules around who can be trustees. These funds have the
Continue ReadingWhen establishing an SMSF, one of the first things to determine is who is going to be the trustee of the fund. Refer to “Who can be the trustee of an SMSF” for details of the rules on who can be the trustee.
One of the most common questions, however,
Continue ReadingDiversification can be key when it comes to ensuring your SMSF is performing the way you want it to. But how do you know if your SMSF is sufficiently diversified?
The ATO could potentially impose an administrative penalty if an SMSF fails to meet the diversification requirements under regulation 4.09 of
Continue ReadingThe ATO has announced that self-managed superannuation fund (SMSF) members will not receive any superannuation guarantee (SG) payments when their annual return lodgement is overdue by more than two weeks.
Effective from 1 October 2019, this ruling is designed to protect retirement savings from risk, according to the ATO. When an
Continue ReadingThere are number of changes in the May 2016 Budget affecting superannuation:
The Division 293 contributions tax threshold has been reduced from $300k to $250k from 1 July 2017. This is the point at which 30% is paid on concessional contributions instead of 15%.
Concessional contribution will be capped at $25,000 for everyone from
Some people have found their SMSF to be non-complying because they have taken an extended work placement or working holiday overseas, for example. With today’s workforce being more mobile in a global sense, every SMSF member needs to be aware of the ATO’s SMSF residency conditions.
What are the SMSF residency conditions?
A
