SMSF audits, Retirement calculators, Franking credits, Total super balance, Super contributions
Highlights of the May 2018 edition of the SuperGuide Premium newsletter include:
- SMSF AUDITS: Belinda Aisbett contends that three-yearly SMSF audits will undermine the integrity of the SMSF sector. They don’t benefit SMSF trustees, will add to complexity, and will inevitably push up costs.
- RETIREMENT CALCULATORS: Our new Retirement Income Reckoner can help you quickly and simply understand approximately how much retirement income your super savings might be able to generate, or try our handy guide to minimum pension payments rules (including calculator), or our Age Pension calculator to estimate how much you may be eligible for.
- ALP’S FRANKING CREDITS POLICY: Roger Wilkins from the University of Melbourne analyses the demographics of the retirees targeted in Labor’s dividend imputation credits plan
- CONTRIBUTIONS ARTICLES: Find out how the new catch-up rules apply, learn if you can use use contribution splitting to boost your spouse’s super, or whether you can make tax-deductible super contributions.
- TOTAL SUPER BALANCE: The concept of a Total Super Balance is one of the biggest changes to the super rules in recent years. We explain how the TSB rules work and when they apply.
It came as quite a shock to many in the industry that the federal government announced a proposal to amend the annual audit requirement for SMSFs. SMSFs (like all superannuation vehicles) are presently required to be audited each year by an ASIC-approved SMSF auditor.Read more
RETIREMENT RECKONERS AND CALCULATORS
SuperGuide’s Super to income Reckoner can help you quickly and simply understand approximately how much retirement income your super savings might be able to generate.Read more
On 29 May 2021 the federal government announced that the halving of the minimum pension drawdown rates would also be extended for the 2021/22 financial year.Read more
Our Age Pension calculator gives you an indication of potential Age Pension entitlements. The Age Pension rates are those that apply from 20 March 2021 to 19 September 2021.Read more
If you feel like you’ve missed the boat when it comes to building your retirement savings, it could be time to use an often-overlooked contribution opportunity.Read more
Topping up your spouse’s super account can be an easy way to build the nest egg you have to share during your retirement. Here are two easy ways to boost your spouse’s super balance.Read more
Making a tax-deductible super contribution can be a great way to boost your retirement savings. Find out whether they could be the right strategy for you.Read more
The concept of total superannuation balance, or TSB, was introduced on 1 July 2017 as a means to measure your total superannuation interests at any point in time. It is used to determine eligibility for a number of new superannuation measures – such as the ability to carry forward unused concessional contribution caps.Read more
The transfer balance cap is about to increase. Are you ready?Read more
Accurate asset valuation is integral to ensuring SMSF compliance with super legislation. SMSF assets must be valued at their current market value. SMSF trustees can take responsibility for valuing many types of assets if they wish, or they can use the services of independent professional valuers.Read more
Building a sizeable retirement nest egg can take some effort, but a recent study by Roy Morgan found only 18% of employees with super currently have more than the compulsory 9.5% of their salary or wages going into their super fund account.Read more
While your employer is required to make regular Super Guarantee contributions on your behalf, higher income earners can miss out if they earn above the quarterly maximum super contribution base (MSCB) limit.Read more
From 1 January 2020, your salary sacrificed super contributions can’t be used by your employer to reduce their SG payment obligations, regardless of the amount you elect to salary sacrifice.Read more
Free money from the government is pretty rare. But one of the simplest ways is by investing a few extra dollars into your super account to score a co-contribution payment.Read more
TRANSFER BALANCE ACCOUNT
The bar has been raised on the amount you can transfer into a pension account, but don’t get tripped up by the details.Read more
FOR YOUR REFERENCE, AND CONVENIENCE
- Superannuation rule changes: Your guide for 2020/21
- Your simple guide to Superannuation Guarantee (SG) contributions
- Australian personal income tax cuts from 2018/2019 year
- Income tax: Australian tax brackets and rates (2019/2020 and 2018/2019)