The superannuation contributions caps for concessional (before tax) and non-concessional (after tax) contributions for the 2018/2019 year, are the same as those that apply for the 2017/2018 year. (Note that the higher contributions caps applicable for the 2016/2017 year, are also set out later in the ... Read more
Superannuation strategies
Superannuation strategies can be any super-related action that can help an individual grow his or her benefit. Such action can include strategies that protect existing super benefits, minimise costs, help boost your super savings by making extra super contributions, or by actively selecting your super account’s selection options.
If you run an SMSF, then you may be considering SMSF-specific strategies in relation to administering your SMSF, or investing your super monies, or running an SMSF pension.
All Australians contemplating retirement, at some stage will be considering retirement strategies such as deciding on the right age to retire, working out how much money will be needed for a life in retirement, whether they will be eligible for the Age Pension, and deciding who gets their super savings after they leave this earth.
For more information on important superannuation strategies, refer to the links below:
- Housekeeping strategies (such as reporting your tax file number, choosing a super fund, checking fees, nominating beneficiaries)
- Contributions strategies (such as salary sacrificing, spouse contributions, non-concessional contributions, co-contributions, capital gains tax management)
- Investment strategies (such as choosing an investment option, asset allocation, shares that pay franked dividends
- Age-based strategies (such as making super contributions, accessing super, timing retirement)
- Retirement strategies (such as how much super is enough, lump sums, super pensions, Age Pension, work test)
- SuperGuide checklists
The following SuperGuide articles provide examples of superannuation strategies:
Set out below are all SuperGuide articles referring to Superannuation strategies.
SMSFs: Transfer Balance Account Report requirements
Guest contributor: Meg Heffron, the author of this article, is co-founder and a Director of Heffron SMSF Solutions – a firm that specialises in SMSFs. She is a qualified actuary with more than 25 years of superannuation experience. We are thrilled to have Meg contributing to SuperGuide, and sharing her knowledge and ... Read more
Latest super changes: ATO Guidance Notes and Law Companion Rulings
You have to worry about the complexity of super changes, when the Australian Taxation Office releases a suite of Law Companion Rulings (LCRs), trying to explain many of the July 2017 changes, and several of these LCR documents exceed 100 pages a pop. The LCRs have been written with advisers and accountants in mind, ... Read more
Gone but not forgotten: Concessional contributions cap for over-50s
In July 2013, the federal government introduced a temporary concessional contributions cap of $35,000 for over-60s, which was then expanded to 50-somethings from July 2014. The over-50s cap of $35,000 has now been abolished, effective since 1 July 2017. Older Australians have not been able to take advantage of the ... Read more
Super opportunity: Catch-up concessional contributions from July 2018
Any Australian considering making super contributions since 1 July 2017 needs to be mindful that the annual concessional (before-tax) contributions cap is much lower than previous financial years. Since July 2017, the annual concessional contributions cap has dropped to $25,000, which is a lot lower than concessional ... Read more
Compliance alert! 85% of SMSFs exempt from quarterly event-based reporting
Note: From 1 July 2018, SMSFs must report events that affect a fund member’s transfer balance to the ATO on an events basis (which the ATO has since confirmed must be reported quarterly if a SMSF has a fund member with a total superannuation balance of $1 million or more). The SMSF trustee must report this event using ... Read more
SMSF asset valuations: Why the ATO is taking greater interest
In recent speeches, ATO representatives have highlighted the increased importance of SMSF asset valuations since the introduction of the July 2017 super changes. SMSF asset valuations have been a compliance requirement for many years. According to the ATO, the ATO’s valuation guidelines for SMSFs continue to apply ... Read more
Defined benefit pensions and the $1.6 million transfer balance cap
Every Australian entering retirement phase with superannuation benefits, now needs to monitor his or her very own retirement cap. Since 1 July 2017, the $1.6 million transfer balance cap represents the maximum amount that you can transfer to retirement phase to support a super pension. The transfer balance cap will be ... Read more
Higher concessional contributions cap no longer applies for over-50s
The special over-50s cap for concessional contributions no longer applies, and was only applicable until the end of the 2016/2017 year. In the 2016 Federal Budget, the Liberal government announced that the over-50s cap would be abolished from 1 July 2017, and would revert to a single concessional contributions cap ... Read more
CGT relief and the $1.6 million transfer balance cap, and TRIPs
Note: If you are claiming the CGT relief, you must apply for the temporary relief BEFORE you lodge your super fund’s 2016/2017 tax return. The ATO has extended lodgement date for the 2017 SMSF returns until 30 June 2018. The CGT relief is available if the asset/s involved were owned by the SMSF were held continuously ... Read more
Retirement phase: A super guide to the $1.6 million transfer balance cap
Since 1 July 2017, a cap of $1.6 million has been imposed on every Australian, limiting the amount of super that can be transferred into retirement phase (what we previously called pension phase). Although the transfer balance cap will be indexed in $100,000 increments, the transfer balance cap for both the 2017/2018 ... Read more
Superannuation death benefits and the $1.6 million transfer balance cap
We have received many questions from readers about how the new $1.6 million transfer balance cap will operate when a fund member dies, especially if the fund member has arranged for his or her spouse to receive a superannuation death benefit pension, including a reversionary pension. This article provides a brief ... Read more
