Hopefully your clients have not left their contributions and pension payments to the last minute but, if they have, SMSFs do have a unique way of helping. A contribution can be made by supplying the fund trustees with a promissory note, or cheque, dated no later than 30th June and cashed in the first week of July....
The government has just passed some interesting super legislation. 6 Members The bill to allow up to 6 members in an SMSF has now been passed, notwithstanding the Labor party’s disgraceful argument that this would only encourage “shonky” advisers. I expect that Royal Assent will be gained before June 30th meaning that it will be effective from 1 July...
This check list includes matters that aren’t exclusively End of Financial Year but might be also addressed at this time for the sake of convenience. Some items constitute financial advice so require licensing. Check that concessional contributions have not breached the $25,000 limit. If they have, the excess may count against the non-concessional limit and could,...
The government has announced that the 50% reduction in pension minimums, adopted for the 2020/2021, year is to be extended for the 2021/2022 year. Users of our Toolbox will be able to access a reasonable estimate of each member's 2022 minimum pension amount from 1 July 2021. This estimate will become actual when the relevant 2021 fund...
The budget’s overseas residency changes present significant planning opportunities for temporarily overseas SMSF members from 1 July 2022. SMSFs must pass three residency tests. Failure to pass any one of these results in the fund becoming non-compliant and subject to 45% tax, essentially on its balance. The ATO has no discretion in the matter once residency has...
What a budget! Seldom has there been a budget which provides the opportunity for superannuation planning as this one. Too bad we will have to wait until the 2022-2023 year for the exciting stuff but at least we know it’s coming. The work test, that arcane requirement for an individual to work for 40 hours in 30...
We have substantially upgraded our contributions reporting module to provide easily accessible, real time information on the contribution position of every member in all your funds. It is available from the Contributions button on our Toolbox dashboard. Some of the more important data headings are; PREVIOUS UNUSED CC Since 1 July 2018, unused concessional contributions may be carried forward...
If you are seeking an upgrade to your SMSF administration arrangements to one that features; efficient communication on time lodgement extensive analytics that identify over 20 potential opportunities and alerts assisting you to add value to your client base the sectors leading Investment Strategy tool rapid technical question responses optional auto pension commutations to maximise TBAs ...
Sadly, one of our 45 year old SMSF members has received a terminal illness benefit payout of $1m into his fund. This has increased his balance to $1.3M and provided the fund with the ability to create a $600k income tax deduction. As is often the case, there is more to this than meets the eye. I...
Now that March has passed us by without the 6 member SMSF rule having being passed the earliest it can come into force is 1 July. This is because, even if this measure is passed before the end of this financial year, it cannot become law until the first quarter after receiving Royal Assent. That makes...