Federal Budget – Superannuation flexibility

Federal Budget – Superannuation flexibility

The Budget has made changes that reflect that the current superannuation system is at a kilter with individuals current lifestyles, with the introduction of more flexibility to address this. Concessional contributionsIndividuals under the age of 75 will now be able to claim tax deductions for personal superannuation contributions. From 1 July 2017, individuals can make…

Federal Budget – Superannuation

Federal Budget – Superannuation

The Budget has introduced a series of changes to superannuation tax arrangements that are intended to align superannuation with the purpose of providing income in retirement. The key elements of the superannuation changes include: Introducing a transfer balance cap There will be a $1.6 million superannuation transfer balance cap on the total amount of super…

Insurance traps in your super

Insurance traps in your super

Insurance arrangements in super can create a few surprise outcomes for members who leave big superannuation funds to start their own self-managed super fund yet leave a portion in their old fund. Members need to be wary of the traps that can cause a loss of cover. As insurance is a complex financial product; members…

Protecting your SMSF

Protecting your SMSF

Most self-managed super fund trustees don’t give much thought as to how much professional indemnity (PI) insurance their advisor has. But since PI insurance is the only course of action to recover lost funds for trustees who become victims of fraud or negligence, it is an essential prerequisite trustees should be aware of. PI insurance…

Alternatives to building your nest egg

Alternatives to building your nest egg

The prospect of putting less into superannuation has prompted many Australians to start looking for other ways to boost their retirement savings. Jumping on the offensive by seeking out other tax-effective ways to increase retirement savings isn’t always easy, with complications such as fees, administration and confusing terminology attached to saving outside of super Nonetheless,…

Acquiring property through an SMSF

Acquiring property through an SMSF

Members of a self-managed superannuation fund (SMSF) looking to acquire property through the fund need to be aware of the risks involved in the strategy or risk substantial penalties. One of the considerations investors should be making if they are deciding to put a property in their SMSF is whether the strategy will improve retirement…

Illegal super schemes

Illegal super schemes

Australian taxpayers should be aware that some promoters claim to offer early access to super savings by transferring a person’s super into a self-managed super fund. These schemes are illegal and heavy penalties will apply to those who participate in such schemes. Generally, individuals cannot access their super until they retire or meet a condition…

The advantages and disadvantages of family SMSFs

The advantages and disadvantages of family SMSFs

Many small business owners who run a family business and are nearing retirement face the significant decision of whether to include their adult children in their self-managed super fund (SMSF) as part of their personal and business succession planning. Including children in a family SMSF can have a critical impact on family relationships and finances,…

Succession planning for SMSF trustees

Succession planning for SMSF trustees

A responsibility that does not immediately spring to mind when managing a self-managed super fund is working out what will happen if a member becomes incapacitated and unable to perform their trustee duties. Succession planning for an SMSF can become quite complicated if not managed on an ongoing basis. It not only requires having a…

Cutting down to the essentials

Cutting down to the essentials

Self-managed super funds (SMSFs) are an attractive option for those who want more control over their retirement savings. However, trustees who have run a fund for as long as SMSFs have been in existence (around 20 years) are likely to have accumulated a lot of paperwork, especially if they engaged in various super strategies throughout…