By Westcourt Blogger 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 an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits… Continue reading Salary sacrificing your super
By Westcourt Blogger A new report has revealed around 2.4 million or almost one third of Australian workers are missing out on some or all of their super entitlements and little is being done about it. Under the Superannuation Guarantee (SG) employers must contribute 9.5 per cent into the super account of every worker over… Continue reading Are you short-changing your employees on super?
By Westcourt Blogger The Australian Government has recently passed what it is calling the’most significant superannuation reforms in a decade’. The reforms include the introduction of a $1.6 million transfer balance cap, which places a limit on the amount an individual can transfer into the tax-free earnings retirement phase and the introduction of the Low… Continue reading Government passes’fairer’ super changes
By Westcourt Blogger A mandatory component of managing a self-managed super fund (SMSF) is planning out what will happen to the fund if its trustee was to pass away. While succession planning may not be one of the first responsibilities that comes to mind when managing an SMSF, it is a necessity that can provide… Continue reading Succession planning for SMSFs
By Westcourt Blogger With the Federal Government’s proposed changes to the transition to retirement (TTR) pension to take effect from 1 July 2017, those with existing arrangements should review them to avoid any adverse impact on their retirement funds. Following changes in the 2016 Federal Budget, from 1 July 2017, transition to retirement (TTR) pensions… Continue reading Transition to retirement (TTR) changes
By Westcourt Blogger The amount of tax an individual pays on their super contributions depends on whether the contributions were made before or after they paid income tax; they have exceeded the super contributions cap or they are a very high-income earner. Before-tax super contributions Concessional (before-tax) super contributions are taxed at 15 per cent.… Continue reading Paying tax on superannuation contributions
By Westcourt Blogger Australians are required to meet a condition of release under superannuation law before they are allowed to cash preserved benefits, restricted non-preserved benefits or access any of their super. Some conditions of release restrict the form of the benefit or the amount of benefit that can be paid. These are known as’cashing… Continue reading Accessing your superannuation
By Westcourt Blogger Adding your own contributions to your super fund is a simple and effective way to boost your superannuation. Personal super contributions are amounts an individual contributes to their super fund from their after-tax income. These contributions are in addition to any compulsory super contributions an individual’s employer makes on their behalf and… Continue reading Personal superannuation contributions overview
By Westcourt Blogger Self-managed super funds (SMSFs) are allowed to invest a private company or business provided the business is operated for the sole purpose of providing retirement benefits for fund members and it is allowed under the trust deed. SMSF trustees must take into account the sole purpose test when determining whether purchasing a… Continue reading SMSF investment in a private company or business
By Westcourt Blogger The Australian Tax Office (ATO) is taking a more serious approach to SMSF non-compliance over the coming year. The Tax Office has found that more than an acceptable number of SMSF trustees are lacking transparency and are operating of the system, i.e. not lodging SMSF annual tax returns and/or not undergoing an… Continue reading Increased focus on SMSF compliance
