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...
With the withdrawal of most lending institutions from the limited recourse borrowing space there has been a rise in the number of back-to-back loans. This can be problematic. Under this scenario, a bank will lend directly to a member or related party on terms that, necessarily, do not include the superannuation fund. The member, or related entity,...
The Total Super Balance can provide eligibility to an additional $100k non-concessional contribution or previously unused concessional contributions by merely being $1 under the applicable limits as at 30 June the previous year. There are some strategies that you can adopt to help reduce a member’s total super balance. These include; making a withdrawal just prior to...
The tables below show the non-concessional contribution bring forward differences between this year and next year. This year (2020/2021) TSB at Previous 30/6 Max NCC From $1.6m Nil $1.5m to under $1.6m $100k $1.4m to under $1.5m $200k Under $1.4m $300k Next Year (2021/2022) TSB at Previous 30/6 Max NCC From $1.7m Nil $1.59m to under $1.7m $110k $1.48m to under $1.59m $220k Under $1.48m $330k As you can see, the differences can be a little tricky....
As previously noted, the Transfer Balance Cap will increase from July 1st this year. Following on from this, and the unwieldy system of calculating the individual TBC for existing superannuation pensioners, I have been approached to consider strategies which will allow existing pensioners to receive the full $100k increase. Unfortunately, once a member has registered a transfer...