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How AI is Simplifying the World of Self-Managed Super Funds

Date: October 28, 2024
Categories: Superannuation
The realm of Self-Managed Superannuation Funds (SMSFs) has historically been perceived as a complex and time-intensive domain for both trustees and administrators. However, akin to numerous industries, technological advancements are reshaping this landscape, with Artificial Intelligence (AI) leading ...
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How to Stay Compliant and Ahead of SMSF Regulations

Date: September 27, 2024
Categories: Superannuation
SMSF Audit and Assurance PracticeAs Self-Managed Super Funds (SMSFs) continue to grow in Australia, robust audit and assurance practices have become increasingly important. SMSF trustees are tasked with ensuring compliance with strict regulations, while auditors play a crucial role in preserv ...
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SMSF Should Register for GST

Date: September 3, 2024
Categories: Superannuation
When managing a Self-Managed Super Fund (SMSF), one of the decisions trustees need to make is whether the fund should register for the Goods and Services Tax (GST). While this decision is often straightforward, certain situations can make it more complex. Let’s break down when and why an SMSF migh ...
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Insurance Inside Super has Tax Advantages

Date: August 5, 2024
Categories: Superannuation
Holding insurance policies within Superannuation offers significant tax advantages, particularly for life and disability premiums, as highlighted by a leading technical specialist. Despite being uncommon, income protection insurance can be found in SMSFs, though complexities arise with benefit payme ...
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Carisma solutions
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Tax Benefits and Employment After Retirement

Date: July 4, 2024
Categories: Superannuation
Starting a new job after legally retiring will not cause a person to lose the tax benefits from an existing income stream.An individual who meets the legal definition of retirement and satisfies a condition of release can continue to receive full benefits from an existing pension even if they resume ...
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Tips for Superannuation Changes for the 2024/25 Financial Year

Date: June 5, 2024
Categories: Superannuation
June 30 is quickly approaching, signalling the need to concentrate on superannuation. As a significant asset for many, the recent changes offer opportunities for strategic tax-saving moves.Concessional Contributions:The tax-deductible limit is increasing from $27,500 to $30,000 starting July ...
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New Validation Process for SMSF Bank Accounts by SBSCH

Date: May 6, 2024
Categories: Superannuation
The Small Business Superannuation Clearing House (SBSCH) has introduced a bank account validation process for Self-Managed Super Funds (SMSF) starting from 15 March 2024This validation checks if your employee’s SMSF Bank Account details match their SMSF recordsIf there is a mismatch, or the employ ...
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Smart SMSF
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SMSF Outperformance: Key Insights from 2021-2022 Financial Year

Date: April 2, 2024
Categories: Superannuation
Recent research on the financial performance of self-managed superannuation funds (SMSFs) for the 2021-2022 financial year reveals notable findings:- The median headline SMSF return surpassed the corresponding median APRA fund return by 4.1 percentage points, marking the largest margin observed in t ...
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New Contribution Caps – FY2024-25

Date: March 5, 2024
Categories: Superannuation
Following the release of the latest Average Weekly Ordinary Time Earnings (AWOTE) index, the anticipated increase to the contribution caps from 1 July 2024 has been confirmed. Here are the changes:- The Standard Concessional Contribution cap will increase from $27,500 to $30,000.- The Non-Concession ...
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Excess of Non-Concessional Contributions 

Date: February 5, 2024
Categories: Superannuation
Non-Concessional Contributions refer to the after-tax amount, and it should also be brought into the Self-Managed Superannuation Fund (SMSF) within the specified cap limit.  In certain instances, the contributed amount may exceed the available cap limit. We will investigate and determine the appro ...
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