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Superannuation death benefits – TBC Review

Date: September 5, 2023
Categories: Superannuation
In the realm of Self-Managed Superannuation Funds (SMSFs), the Transfer Balance Cap (TBC) stands as a pivotal player. This cap, which sets limits on the amount of capital transferrable to the retirement phase of super, has undergone dynamic changes since its inception on 1 July 2017. Most notably, o ...
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Transfer Balance Account Reporting

Date: August 2, 2023
Categories: Superannuation
Beginning on 1 July 2023, SMSFs will be subject to new requirements for the submission of the Transfer Balance Account Report (TBAR).With effect from 1 July 2023, the ATO will eliminate the TSB threshold and mandate that all SMSFs submit their reports 28 days following the end of the quarter in whic ...
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Carisma Solutions
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Reversionary Pension and Transfer Balance Cap (TBC)

Date: July 4, 2023
Categories: Superannuation
Typically, a TBA credit arises on the commencement of a pension. There are special rules that modify the timing of when a death benefit pension is credited to a recipient’s TBA in respect of a death benefit:The Reversionary Pension to dependent becomes entitled to it immediately upon person’s de ...
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Impermanent Loss

Date: May 30, 2023
Categories: Superannuation
Impermanent Loss is a concept that is commonly associated with liquidity provision in Decentralized Exchanges (DEXs) and Automated Market Maker (AMM) protocols. It refers to a potential risk or loss that liquidity providers may experience due to the volatility of the assets they provide liquidity fo ...
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SMSF
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A Study Of The New 15% Tax On Member Super Balances Of $3 Million Or More

Date: May 2, 2023
Categories: Superannuation
Broadly, from 1 July 2025, when a member’s Total Superannuation Balance (TSB) exceeds $3 million, an increase in their TSB at the end of the relevant financial year (as adjusted for withdrawals and contributions) will be assessed to them personally as ordinary income.The increased amount of TSB wi ...
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SMSF
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Understanding the excess Concessional Contributions

Date: April 3, 2023
Categories: Superannuation
Introduction: Concessional Contributions (CC) refer to the pre-tax contributions made by an individual to their superannuation account, including employer contributions and salary sacrifice contributions. The Australian Taxation Office (ATO) has set limits on how much an individual can contri ...
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Better Targeted Superannuation Concessions
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Better Targeted Superannuation Concessions

Date: March 9, 2023
Categories: Superannuation
From 1 July 2025, the government will reduce the tax breaks available to individuals whose total superannuation balances at the end of the fiscal year exceed $3 million.With this change, the headline tax rate on earnings corresponding to that proportion of the balance greater than $3 million will in ...
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Transfer Balance Cap (TBC)

Date: February 9, 2023
Categories: Superannuation
Starting on 1 July 2023, the General TBC is set to soar from its current $1.7 Million to a whopping $1.9 Million! But thanks to the proportional indexation approach, some individuals will see a substantial increase in the amount they can transfer into their retirement phase pensions, while others ma ...
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DocuSign and its Digital E-signature Features

Date: January 5, 2023
Categories: Superannuation
As a professional SMSF group, Carisma Solutions strongly advises all of our clients to utilize the convenient and efficient Digital E-Signature feature. By using this tool, the process of signing final statements and documents for SMSFs can be streamlined and completed more swiftly. Our team has fir ...
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Accessing Super Early

Date: December 9, 2022
Categories: Superannuation
The legislative requirements contained in the SIS Act and Regulations, provide only very limited circumstances in which superannuation benefits can be accessed before retirement.Broadly, these include where a member isSuffering severe financial hardship, money is being accessed on compassionate grou ...
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