Tax on super death benefits for dependants vs non-dependants
A super death benefit is the super paid after a person’s death, usually to a nominated beneficiary. These benefits are subject to different tax treatments, depending on whether the beneficiaries are dependant… Read More
Do you need to lodge a transfer balance account report?
Self-managed super funds (SMSF) may be required to lodge a transfer balance account (TBA) report by 28 July 2020 in the case of a TBA event. A TBA report will need to… Read More
Carrying on a business in an SMSF
Self-managed super funds can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on… Read More
Transferring a business property into your SMSF
Employers with a self-managed super fund (SMSF) looking to protect their business assets can consider transferring their business real property into their SMSF. Transferring business property into your SMSF is useful to… Read More
Divorce and splitting your SMSF assets
Running an SMSF under regular circumstances comes with enough compliance obligations as it is. Adding divorce or separation into the equation can raise even more legal and tax issues that need to… Read More
SMSF property investment regulations to keep in mind
Property is a common investment option for SMSFs, however, the ATO has a number of regulations SMSF owners need to be wary of. The ATO is particularly concerned with those using SMSF… Read More
Spouse contributions – when are you eligible for a tax offset?
Contributions made on behalf of your spouse to a complying superannuation fund or a retirement savings account (RSA) may be eligible for a tax offset. The 2019/2020 tax rules allow you to… Read More
Your current employer superannuation obligations
Paying your employees superannuation is an integral part of being an employer. Superannuation provides income for your workers in retirement and it is your legal obligation to make sure you are paying… Read More
What happens if your SMSF is non compliant?
While there are benefits to running an SMSF, they do not come without their compliance responsibilities. This includes lodging your fund’s annual return on time, attending to reporting obligations, and having an… Read More
Things to know about the First Home Super Saver Scheme
Individuals looking to buy their first home may claim up to $30,000 of their super contributions through the First Home Super Saver (FHSS) Scheme, which aims to reduce pressure on housing affordability.… Read More
Assistance available for SMSFs and their members
The Government’s economic response to coronavirus will provide SMSFs and their members with additional support, including reducing minimum drawdown rates and early release of superannuation. The minimum annual payment required for account-based… Read More
Applying for your superannuation guarantee amnesty
If you are an employer looking to correct past unpaid superannuation guarantee (SG) amounts, you now have a six-month window until 7 September 2020 to apply for SG amnesty. Up until early… Read More
Managing longevity risk and your superannuation
Longevity risk is a common and important factor to consider when planning for your retirement funds. Longevity risk refers to the risk of outliving your savings and arises as people enter retirement,… Read More
Expert advice on early superannuation access as a result of COVID-19
Under the coronavirus stimulus package released and revised by the Australian Federal Government on 22 March 2020, individuals in financial trouble due to the negative economic impacts of COVID-19 will be able… Read More
COVID-19 crisis: reviewing your super
While the coronavirus has been causing Australia’s economy to take a recessive turn due to reduced cash flow, there is still no reason to panic about your superannuation investments just yet. However,… Read More
Investing in shares vs property in SMSFs
Shares and property are two popular investment options for those with a self-managed super fund (SMSF). However, they both have very different attributes and choosing the one that will achieve the best… Read More
SMSF: Deductible expenses
One of the downsides of running a self-managed super fund (SMSF) are the fees, but making sure you know what SMSF expenses are deductible can help you make the most out of… Read More
Supers are merging – what will it mean for you?
Since the second half of 2019, industry super funds have begun to merge their organisations in an effort to combat APRA’s growing potential in taking action against trustees of underperforming funds. While… Read More
Becoming socially conscious of where you super invest
Whether you are a newcomer to the workforce or have been working full time for 30 years, you must have come across the concept of superannuation. Chances are, you’ve already been steadily… Read More
You can now opt-out of super guarantee as a high income earner
If you’ve unintentionally been going over your superannuation concessional contributions cap in past years, you may not have to worry about it from now on. As of 1 January 2020, eligible individuals… Read More
Taking a super pension
Once you have met your preservation age (between 55 and 60 depending on when you were born), you can choose to take a super pension. There are six main types of super… Read More
When a trustee goes bankrupt…
SMSF members need to be aware of the rules that govern their fund, including what to do when one member becomes bankrupt. A requirement of an SMSF is that each individual trustee… Read More
New SMSF alert system
The ATO has introduced a new method of updating SMSF trustees of changes to their fund. From 3 February 2020, email and/or text message alert will be sent out when there are… Read More
What happens to your super in a divorce?
Divorce or separation can be emotionally draining and stressful as it is, but the legal and financial responsibilities you also need to think about add an extra burden to dealing with the… Read More
Updates to the unclaimed superannuation money protocol
The Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA), more commonly known as the unclaimed superannuation money protocol, has been updated recently to provide a clearer structure going forward. SUMLMA provides… Read More
Do you have insurance with your super?
Most super funds offer insurance as part of their super plan. It is important to be aware of what types of insurance you are covered by through your super fund to help… Read More
SMSF schemes for illegal access of super
The ATO has issued a warning for Australians to be aware of scheme promoters that promise to allow you to withdraw your superannuation early, and illegally. Individuals can legally withdraw super when… Read More
Proposed measures to increase retirement savings
Currently, people aged 65 to 74 can only make voluntary superannuation contributions if they meet the ‘work test.’ This means they must report themselves to be working a minimum of 40 hours… Read More
2019 Updates to the Pension Loan Scheme
Changes have been made to the Pension Loan Scheme (PLS) under the federal government that came into effect 1 July 2019. The updates aimed to improve the previous scheme and help more… Read More
Does your SMSF meet the sole purpose test?
If you have a self-managed super fund (SMSF), then you need to meet the sole purpose test to be eligible for the tax concessions that are normally available to super funds. The… Read More
Super when you’re self-employed
If you are a sole trader, or in a partnership, then you are not obligated to make super guarantee (SG) payments for yourself. However, you should still consider making personal contributions to… Read More
Proactive consolidation with ILBAs
Inactive low-balance accounts (ILBAs) are a new category account that needs to be reported and paid to the ATO. This was introduced in the Treasury Law Amendment (Protect Your Superannuation Package) Bill… Read More
Commutation authorities for SMSFs
Commutation authorities are issued by the ATO when a member of a SMSF has exceeded their transfer balance cap. A commutation authority will be issued after the member has received an excess… Read More
Travels with my SMSF
Travelling overseas for an extended period of time is an exciting adventure and a chance to have a break. However, SMSFs do not take a break when you do, which is why… Read More
Do you need to pay superannuation for contractors?
A contractor can turn into an employee for legal and financial obligations, so when working with contractors, employers need to test whether they count as an employee or contractor for superannuation purposes… Read More
Super law changes to NALI and LRBA
Integrity measures included in Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 have now been enacted with an effective date of 1 July 2018. There have been amendments made to… Read More
Treasury Law Amendment for super measures moves forward
The Treasury Laws Amendment (2018 Superannuation Measures No.1) Bill 2019 has passed both Houses of Parliament and reached royal assent on 2 October 2019. First announced in the 2018-19 Budget, the Bill… Read More
Consequences of late SMSF annual returns
From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status… Read More
Returning to work after accessing your super
Retirement isn’t necessarily a permanent thing as even the best-laid plans can collapse when circumstances change. The Australian Bureau of Statistics (ABS) has found the most common reasons retirees return to employment… Read More
Super for different visas
Australian employers are required to pay super to their employees when they earn $450 a week or meet specific criteria based on age or industry. Employer requirements can get confusing however when… Read More
Salary sacrificing super
Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is… Read More
Diversification requirements for SMSFs
The ATO has identified approximately 17,700 SMSFs where investment strategies may not meet the requirements under regulation 4.09 of the Superannuation Industry Supervision Act (SISA). Records show these SMSFs may hold 90%… Read More
Succession planning for your SMSF
A mandatory component of managing a self-managed super fund (SMSF) is planning out what will happen to the fund if its trustee were to pass away. While succession planning may not be… Read More
What to look for when choosing a super fund
Over the course of your life, the contributions made to your superannuation fund can often end up being your greatest asset. Because of this, selecting a super fund is an important decision,… Read More
Ineligible downsizer contributions and how they are administered
When a downsizer contribution is ineligible, the fund must re-assess the amount in accordance with the Superannuation Industry (Supervision) Regulations 1994 and the trust deed. This is to determine if the amount… Read More
Illegal early release of super on ATO watch-list
Illegal early release of super (IER) is one of the risk areas that the ATO has identified as being of most concern and in need of action. Each year, the ATO analyses… Read More
Tax requirements for capped defined benefit income streams
Members who receive income from one or more capped defined benefit income streams may have additional tax liabilities. They would then need to calculate their entitlement to the 10% tax offset if… Read More
What SMSF records should you keep?
A key responsibility for trustees of self-managed super funds (SMSFs) is to ensure proper and accurate tax and superannuation records are kept for the fund. When you have been running your fund… Read More
SMSF rollovers in SuperStream to be deferred
The 2019-2020 Federal Budget suggested a deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021. The commencement of this deferral has… Read More
Claiming a tax deduction for personal super contributions
Members of self-managed super funds (SMSFs) that are eligible can claim an income tax deduction on personal super contributions. Members that intend to do this must notify their fund trustee before lodging… Read More
PAYG reporting dates approach
Changes have been made throughout the year regarding SMSFs and their pay-as-you-go (PAYG) withholding. As the end of the financial year and the due date for PAYG reporting approaches, SMSF trustees should… Read More
Is your SMSF adequately diversified?
When forming a fund’s investment strategy, diversification is a notable consideration for SMSF trustees. By spreading the investments of a fund across different asset classes and markets that offer varying risks and… Read More
First Home Super Saver Scheme
The First Home Super Saver (FHSS) scheme was introduced in the Federal Budget 2017–18 to reduce pressure on housing affordability. The scheme allows people to save money for their first home inside… Read More
How the ‘Protect Your Super’ changes will affect you
A number of changes to superannuation will come into effect from 1 July 2019. The ‘Protect Your Superannuation’ Bill passed through Parliament in February and forms part of the Government’s package of… Read More
What and when you need to report in your SMSF
The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. This system allows the ATO to administer the transfer balance cap. Reporting under the EBR framework commences… Read More
In’s and out’s of the super downsizer scheme
Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling… Read More
What disqualifies you from an SMSF
Self-managed super funds are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director… Read More
ATO warns of TBAR lodgement errors
With upcoming annual lodgement dates for Transfer Balance Account Reporting (TBAR), the ATO is alerting funds of common lodgement mistakes that could lead to delays and additional processing time. The Transfer Balance… Read More
Super changes to protect employees’ entitlements
Several revisions from the Treasury Laws Amendment (2018 Measures No.4) Bill 2018 took effect from 1 April 2019. These measures are designed to help reduce the super guarantee (SG) gap, protect employees’… Read More
Is your SMSF meeting its PAYG obligations?
The ATO has called on self-managed funds to check whether they are meeting new pay-as-you-go (PAYG) withholding obligations for capped defined benefit income streams paid to their members. SMSFs have PAYG obligations… Read More
Expanded super for older Australians
The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work… Read More
What is your preservation age?
Superannuation laws can be confusing for everyone. These procedures often make it difficult to work out when you can retire or if there are any special conditions you need to meet before… Read More
ATO to monitor high-risk LRBAs within SMSFs
The ATO is focusing on risky Limited Recourse Borrowing Arrangements (LRBAs) and failures in Transfer Balance Account Reporting (TBAR) in SMSFs this year. They have announced plans to contact trustees with high… Read More
Pension income streams within an SMSF
One of the best ways to ensure regular, flexible and tax-effective income as a pensioner is through an income stream from your SMSF. As a member, you can receive an income stream… Read More
Superannuation guide for retirement planning
As the time comes for you to consider leaving the workforce, it is necessary to plan how to make the most of your superannuation in order to strengthen the chances of a… Read More
SMSF areas being monitored by the ATO
Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. As SMSF are run by members, it is their responsibility to comply with all… Read More
Do you know where your super is?
If you’re not close to retiring, you may not be thinking about your super or where it is. Even if you are a way off from retiring, you should be keeping track… Read More
Superannuation tips for each stage of your working life
A 2018 study revealed that almost 40% of Australians think they won’t have enough money to retire on – and that number is on the rise. Managing your superannuation fund can be… Read More
Didn’t pay your employees’ super on time?
How to reduce the hassle of missing your employee’s super payment. The Super Guarantee Charge (SGC):The SGC may apply to employers who do not pay the minimum super guarantee (SG) to their… Read More
How to get out of a SMSF
Sometimes a self-managed super fund (SMSF) isn’t for you. While that is ok, getting out of a SMSF can be a tricky and complicated process. Before starting down this path, you need… Read More
SuperStream to be extended to SMSF rollovers
First introduced in 2015, SuperStream is a government standard for processing superannuation payments electronically in a streamlined manner. Currently, SuperStream can only process rollovers between two APRA funds electronically but a change… Read More
Superannuation for Women
It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC)… Read More
A guide to consolidating your super
Merging your super is vital to maximising your retirement savings. Changing jobs over the years will put you at risk of losing some of your super if your previous employers have set… Read More
Authority for super complaints introduced
The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms. The Coalition government has responded to criticisms of… Read More
Employer SuperStream checklist
Employers must make superannuation contributions on behalf of their employees. SuperStream is the ATO’s electronic and standardised solution that streamlines the super payment process. Using SuperStream for employers means: You can use… Read More
ATO warns of illegal early super release
The ATO has issued a warning to the public regarding illegal early release of super schemes, which are subject to severe penalties. There are strict rules around when you can access your… Read More
Paying super to contractors
The ATO classifies contractors paid for their labour as employees for superannuation guarantee purposes. This is the case even if the contractor quotes an Australian Business Number (ABN). Eligibility requirementsSuper contributions must… Read More
SMSF trustee investment strategy checklist
SMSF trustees have the freedom to invest as they choose to grow their retirement savings, which is why it is vital that they check in on their investment strategy regularly. Maximising your… Read More
Trustee reporting obligations checklist
Trustees must comply with reporting obligations to avoid penalties from the ATO. The following trustee reporting checklist to make sure you are stress-free at tax-time. Trustees must: Value the funds’ assets at… Read More
A checklist for setting up your SMSF
Setting up an SMSF can be complex, which is why a checklist is useful to streamline your process. Before you set up your SMSF, first determine if having an SMSF is a… Read More
Event-based reporting framework for SMSFs
The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. The initiative allows for the administration of the Transfer balance cap (TBC). Under the EBR framework, you… Read More
Managing risk in your SMSF
SMSFs provide the trustee autonomy and an increased opportunity to maximise your retirement savings. However, an investment strategy must be accompanied by a risk management plan should some of your investments come… Read More
Choosing the right super risk profile
Choosing the right super risk profile at the right time can drastically increase your retirement savings. The following considerations will help you invest wisely when it comes to building your retirement nest… Read More
3 easy ways to maximise your super
Superannuation is more critical than it has ever been. If having an ageing population has taught us anything, it is how managing money now can have substantial ramifications for your retirement plan.… Read More
Paying super for different visas
Normally employers have to pay a worker super. However, this becomes confusing with the different visas that employees might be on. Some rules are listed below. Paying super to temporary residentsTemporary residents… Read More
Employer super obligations reminder
The Australian Tax Office (ATO) is reminding employers to check they are meeting their obligations when it comes to paying super to their workers. To help you make sure you are meeting… Read More
Winding up a SMSF
The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF… Read More
What is exempt current pension income?
Any ordinary and statutory income a self-managed super fund (SMSF) earns from assets held to support retirement phase income streams is exempt from income tax – this income is commonly referred to… Read More
Avoid being short changed with your super
With recent regulatory changes to super contributions, it is easier than ever to ensure your employer is paying you the super you are entitled to. There are specific steps you can take… Read More
Super contribution caps: the basics
Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at… Read More
Protect yourself from early super release scams
When it comes to protecting your nest egg, avoid getting caught out by a promoter of an illegal early release super scheme. Early release super scheme scams will involve a promoter contacting… Read More
Hiring temporary residents: employer super obligations
Employers are being reminded by the Australian Tax Office (ATO) not to forget that along with permanent residents; temporary residents are also entitled to super guarantee (SG). In most cases, an employer… Read More
Superannuation Guarantee Amnesty
The Superannuation Guarantee Amnesty was introduced on 24 May 2018 by the Minister for Revenue and Financial Services in a bid to tackle non-payment of employee super. The Amnesty provides a one-off… Read More
Reviewing your super
The ATO is encouraging taxpayers to review their super this tax time. Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg. There is… Read More
SMSFs: beware of illegal early super release
The Australian Tax Office (ATO) is reminding self-managed super fund (SMSF) trustees to beware of allowing members to access their super early. A self-managed super fund (SMSF) trustee must meet a condition… Read More
ASIC’s view on SMSFs as ‘one-stop property shops’
The Australian Securities Investment Commission (ASIC) has released a new report highlighting its view on the setup of SMSFs for property investments using ‘one-stop shop’ models. ‘One-stop shop models’ tend to promote… Read More
ATO advice for SMSF members with a market-linked pension
The Australian Tax Office (ATO) has recently been made aware of circumstances where a member of a SMSF commences a new market-linked pension and unintentionally exceeds their transfer balance cap. An individual… Read More
SMSFs: reporting change
Self-managed super funds (SMSFs) are required to provide an accumulation phase value (APV) on their transfer balance account report for 30 June 2017 in certain circumstances. SMSFs should note, APV is often… Read More
Changes to SMSF 2017-18 annual return
There is a number of changes to the 2017-18 Self-managed super fund annual return (SAR) thanks to the super changes which came into effect on 1 July 2017. Transition to retirement income… Read More
Superannuation Guarantee Amnesty
In a bid to tackle non-payment of employee superannuation, the Minister for Revenue and Financial Services announced the beginning of a 12-month Superannuation Guarantee Amnesty (the Amnesty) on 24 May 2018. The… Read More
