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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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Blockchain Technology and its impact on the SMSF and other Accounting Industry

Date: January 8, 2024
Categories: Superannuation
The term "blockchain" refers to the way data is structured into "blocks" of information, and each new block is linked to the previous one, forming a continuous chain of blocks. Blockchain technology is a decentralized and distributed ledger technology that records transactions across multiple comput ...
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Understanding the Transfer Balance Cap in SMSF

Date: December 4, 2023
Categories: Superannuation
The Transfer Balance Cap (TBC), initiated on 1st July 2017, was introduced with the aim of restricting the amount individuals can transfer into retirement phase pensions. When first introduced, the General TBC was set to $1.6 Million.  However, the General Transfer Balance Cap (TBC) was subsequen ...
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SMSF
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The Significance of Asset Valuation in SMSF Accounting

Date: November 3, 2023
Categories: Superannuation
Self-Managed Superannuation Funds (SMSFs) have gained immense popularity as a way for individuals to take control of their retirement savings and investment decisions. But managing an SMSF is not easy. It involves complicated financial and accounting tasks, including figuring out how much your asset ...
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SMSF Sector Shows Steady Growth with Female Members Leading in New Fund Creation.

Date: October 3, 2023
Categories: Superannuation
As per SMSF fund quarterly statistics for June 2023 revealed the establishment of 6,351 new funds during the quarter, along with 297 fund closures, resulting in a net growth of 6,054 funds. Consequently, the total count of SMSFs has now reached 610,287, collectively comprising 1.13 million members.T ...
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