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
Once you start a retirement income stream, minimum annual payments are calculated on your account balance at 1 July each year, multiplied by a percentage factor that increases as you age.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 September 2021 to 19 March 2022.Read more
Rolling forward any unused amounts from your annual concessional contribution cap can be an easy way to get more money into super tax-effectively.Read more
Splitting your super with your spouse or partner can be a great way to boost your joint retirement savings and possibly save yourself some tax as well.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
Recent increases to contribution caps also impact your total super balance. Here’s how it works.Read more
The amount you can have in a super pension account (known as the transfer balance cap) just increased, but so did the complexity of the rules.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
It can be confusing to understand all the different types of super contributions. But it’s worth learning the main types and what each one offers you.Read more
High income earners face a quarterly cap on the amount of income on which their employer must make SG contributions. Here’s the limit for 2021-22 and previous years.Read more
Forgoing some of your salary into your super through a salary sacrifice arrangement can have valuable tax benefits and help boost your retirement nest egg.Read more
Getting the government to top up your super account can be easy way to boost your retirement savings. Here’s an easy guide to the tips and traps.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 from July 2021
- 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)