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From 1 July 2022 there are changes to the rules for a superannuation trustee accepting a contribution from or on behalf of a member. There are also changes to the rules for claiming member contributions as an income tax deduction in the member’s income tax return and to the contribution caps. In this article we the changes to the superannuation and income tax law.
This handy guide presents the key facts and figures that are useful for someone dealing with SMSFs. No need to look it up on the internet, our facts and figures guide has it all in one place. The guide covers tax, tax offsets, superannuation, social security and aged care.
This calculator will determine a member’s total available concessional and non-concessional caps for a particular income year, taking into account contributions from prior years, the member’s age and total superannuation balance.
This article will look at the current fund residency rules, the consequences of failing those rules and currently proposed changes to relax the residency requirements.
Commencing a pension is one of the most important tasks to running a self-managed super fund (SMSF). An SMSF with a correctly established pension interest may be eligible to claim tax exempt income, a significant tax concession to the fund. However, there are some common mistakes trustees make when commencing a pension using only part of a member’s accumulation balance.
A tax effective strategy of contributing to superannuation is to make a personal contribution, which is claimed as an income tax deduction. When doing this it is important to ensure that the contributions are indeed deductible so that the full benefits of the strategy can be realised.
SuperStream is not a new concept for self managed superannuation funds (SMSFs), however, from 1 October 2021 it will be mandatory for SMSFs to use SuperStream in relation to transfers in and out of the fund.
Since their introduction on 1 July 2018, there has been clarification from the ATO around certain eligibility rules and in this article, we discuss these recent developments as well as some of the nuances that individuals should be aware of when utilising these rules.
The year 2021-22 begins with new and promising super-related opportunities arising primarily from the increase in concessional, non-concessional and general transfer
balance caps. This article outlines the advice opportunities arising from these changes and other recently passed superannuation measures.
Whilst the focus may be on 2020-21 year-end matters for SMSFs, such as contribution being receipted and minimum pension paid by 30 June 2021, there are a number of changes taking place on 1 July 2021. In this article we summarise what is, and also what is not changing.
The indexation of the general TBC and contribution caps will lead to confusion amongst many. Understanding how the rulesapply is imperative to ensure that they are correctly applied to individual scenarios and circumstances. We will be conducting future webinars on these topics to assist our Accurium TechHub subscribers navigate these changes.
A question that is often asked is “Can I make a contribution to my super fund?”. This is the wrong question to ask. In fact, there are two questions that should be asked in relation to a superannuation contribution.