What you need to know about consolidating your super

What you need to know about consolidating your super

Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account. Why you should consolidate your super: Choosing to consolidate your super means that you will no longer be paying fees to multiple super funds. There is also less…

What to consider when choosing a super fund

What to consider when choosing a super fund

Choosing a super fund requires taking multiple things into consideration. Such as its performance, the fees you will be required to pay, details of the insurance, and different investment options that are available. Performance Performance is one of the most important things to consider when choosing a super fund. Take a look at how the…

Insuring your super

Insuring 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 you determine if you need extra cover outside your super and if you have adequate support in the event that you cannot work.…

What is salary sacrificing for super

What is salary sacrificing for super?

One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer. Contributions made through salary sacrifice are classified as employer contributions, not employee contributions. These are…

Splitting your SMSF assets during divorce

Splitting your SMSF assets during divorce

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 be addressed. The breakdown of your relationship does not absolve you from your responsibilities as an SMSF trustee; you are still expected to…

Avoiding SMSF disputes

Avoiding SMSF disputes

One of the benefits of SMSFs is the amount of control you have from managing it yourself. However, self-management can leave room for disputes among related parties, especially when family members are involved. SMSF disputes can be caused by a number of factors, such as relationship breakdowns, (common in funds where parents and siblings are…

Why excess super contributions can be expensive

Why excess super contributions can be expensive

A great way to grow your retirement savings is by making regular contributions to your super fund. However, there are limits to extra contributions which when exceeded, may be subject to additional tax liabilities. Concessional contributions There are two kinds of contributions, concessional and non-concessional, which have different contribution caps. Concessional contributions are payments made…

What to do before consolidating your super

What to do before consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can…

Appointing an SMSF auditor

Appointing an SMSF auditor

Self-managed super fund (SMSF) trustees are required to appoint an ATO-approved SMSF auditor no later than 45 days before lodging their SMSF annual return. An SMSF auditor is a professional who assesses your fund’s compliance with superannuation law and examines your fund’s financial statements. SMSF auditor eligible requirementsYour SMSF auditor must be: Independent. SMSF auditors…