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.
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.
As part of ongoing improvements by the ATO, members of most super funds can access additional online information about their super accounts. Find out what information is available and how you can use it to better manage your super savings.
You can make contributions into your super account from your take home pay or money outside the super system. Since these contributions have already been taxed before you contribute them to your super account, they are not treated concessionally and are called non-concessional contributions.
Although it sounds complicated, bring-forward contributions are just what they sound like – you bring forward your non-concessional contributions caps from future years and use them in a shorter time period.
The past few years have seen SMSF trustees kept busy implementing numerous legislative modifications to the super system, plus the major reform package commencing on 1 July 2017. Unfortunately, this financial year seems unlikely to be any different.
If you are wondering how recent rule changes have affected your super and retirement plans, here’s a quick guide to the key changes and when they commenced.
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.
Australia’s super system has lots of rules – many of which have significant penalties if you breach them – but not every rule applies to everybody at every age.
SuperGuide has put together a list of useful tips and strategies to consider implementing in each decade. And don’t wait until just before retirement. If you do, you will miss out on the valuable benefits of compound interest.
Using a re-contribution strategy with your super sounds complex and mysterious, but in reality the name says it all – you withdraw some of the savings in your super account and then you re-contribute them back into the super system.
If you are aged 65 or over, compulsory employer contributions like Super Guarantee contributions can be made directly into your super account.