Carisma Solutions Blog » Superannuation
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Blockchain Technology and its impact on the SMSF and other Accounting Industry

January 8, 2024
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

December 4, 2023
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 ...
SMSF
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The Significance of Asset Valuation in SMSF Accounting

November 3, 2023
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.

October 3, 2023
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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Superannuation death benefits – TBC Review

September 5, 2023
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

August 2, 2023
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 ...
Carisma Solutions
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Reversionary Pension and Transfer Balance Cap (TBC)

July 4, 2023
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

May 30, 2023
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 ...
SMSF
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A Study Of The New 15% Tax On Member Super Balances Of $3 Million Or More

May 2, 2023
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 ...
SMSF
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Understanding the excess Concessional Contributions

April 3, 2023
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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