From tax on super lump sums to the transfer balance cap, there are a range of rates and thresholds that can affect your super. In this article we provide an overview of the key aspects of each of these rates and thresholds for 2019/20.
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.
Having a total super balance of $1.6 million can create real problems. If you want to add more to your super account, here’s four strategies to consider.
On 1 July 2017, the transfer balance cap was introduced for Australians in retirement. Find out how it works and whether it impacts you.
SMSFs provide members with a high degree of control over their retirement savings, but with that control comes responsibility. Here we look at the administrative, reporting and record-keeping obligations that trustees need to complete to ensure their fund complies with superannuation and taxation legislation.
Besides being a great way to save for retirement, Australia’s super system offers some valuable – but little-known – benefits for super fund members. Here’s our list of the top 10 super benefits and how they can help improve your financial situation.
For some retirees, selling the family home can also be a great way to release built-up equity and make an extra contribution to their super account.
Preparing for retirement can be fraught, and keeping on top of your superannuation may not be front of mind. We take a look five of the common mistakes that pre-retirees make, and ways to avoid them.
Super for Aussie workers has come a long way in the last 150 years. We look at the highs and lows of super since it was first put in place to see if it still stacks up.
Making decisions about money at an emotionally difficult time can be challenging. Putting in place strategies when you are both fit and well can help in the future. We look at three different scenarios that can help save you money and may reduce tax liability.
SMSF trustees are legally obliged to ensure their fund’s compliance with superannuation legislation in Australia. The ATO imposes a range of penalties for non-compliance, depending on the seriousness of the breach.
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.
From 1 July 2017 the Federal government introduced the transfer balance cap, which currently sits at $1.6 million and which will be indexed periodically in $100,000 increments.
This article is designed to help those who have to think about this reporting – trustees of, and advisers to, SMSFs. Remember that SMSFs and large funds often have different deadlines when it comes to reporting and TBARs are no different.
SuperGuide has invited advocacy group, Save Our Super, to highlight the immediate and long-term implications of the federal government’s latest changes to super and the Age Pension.