The ATO’s new data revealed that although the total amount of lost and unclaimed super reduced by $420 million in 2017-2018, there is still $17.5 billion left to be found. The ATO has prioritised reuniting people with their lost super spread across over 6.2 million accounts. In the past financial year, the ATO was successful…
The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. The initiative allows for the administration of the Transfer balance cap (TBC). Under the EBR framework, you need to report to the ATO, when the first member of your SMSF begins a retirement phase income stream. The SMSF annual return…
SMSFs provide the trustee autonomy and an increased opportunity to maximise your retirement savings. However, an investment strategy must be accompanied by a risk management plan should some of your investments come up short. Consider the following risk management strategies: DiversificationDiversification reduces risk by investing in many different assets including property, annuities and equities. By…
Choosing the right super risk profile at the right time can drastically increase your retirement savings. The following considerations will help you invest wisely when it comes to building your retirement nest egg. Types of investment optionsYour super fund should offer a range of investment options to consider. Here is what to know about each…
Superannuation is more critical than it has ever been. If having an ageing population has taught us anything, it is how managing money now can have substantial ramifications for your retirement plan. Merge your superEvery super account you have comes with a set of fees. It is worth your while chasing down inactive accounts and…
Normally employers have to pay a worker super. However, this becomes confusing with the different visas that employees might be on. Some rules are listed below. Paying super to temporary residentsTemporary residents working in Australia are eligible for super guarantee. When temporary residents leave Australia, they can claim the super paid as a departing Australia…
The Australian Tax Office (ATO) is reminding employers to check they are meeting their obligations when it comes to paying super to their workers. To help you make sure you are meeting your requirements, consider this checklist: Are you paying the correct amount? You are required to pay a minimum of 9.5 per cent of…
The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF auditor. When lodging your SMSF annual return, answer Question 9 in Section A: ‘Was the fund wound up during the income year?’. You…
Any ordinary and statutory income a self-managed super fund (SMSF) earns from assets held to support retirement phase income streams is exempt from income tax – this income is commonly referred to as Exempt current pension income (ECPI). This form of income does not include assessable contributions or non-arm’s length income. Individuals can choose to…
With recent regulatory changes to super contributions, it is easier than ever to ensure your employer is paying you the super you are entitled to. There are specific steps you can take to ensure you are being paid correctly. Consider the following: Understand your entitlements Employers have to put 9.5 per cent of an employee’s…