Posts Tagged ‘Superannuation’
ATO new-year resolutions
According to the ATO, the five new-year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are: 1. Know if you’re in business or not Are you earning an increasing income from a side-hustle? If you answer ‘yes’ to a few of the following questions, the more likely…
Read MoreBridging the super gender gap
Fresh statistics released by the ATO reveal that the superannuation gender gap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive 25% difference. This gender gap begins in peoples’ twenties, mostly caused by wage differences and time off for children, and by their…
Read MoreSuperstream – Is Your Business Ready?
SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner. If you have 20 or more employees (medium to large employer) SuperStream starts from 1 July 2014.…
Read MoreThe transitional CGT relief measure and your SMSF
Transitional capital gains tax (CGT) relief is temporary relief available to all complying superannuation funds, not just SMSFs, for certain CGT assets that would otherwise give rise to a taxable capital gain through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to transition to retirement income…
Read MoreWhat is your “total superannuation balance” and why does it matter?
Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case. What is the total balance relevant for? The total superannuation balance is relevant in determining a super…
Read MoreIs the peer-to-peer lending investment option right for your SMSF?
One investment option that has surfaced relatively recently, and that SMSF trustees may consider as a part of their strategy to grow their fund, is investing through peer-to-peer lending. Peer-to-peer lending involves an investor – a trustee of the SMSF in this example – providing funds to an online lending platform. This platform, which must…
Read MoreFederal Budget 2016 wrap up.
The Budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million. This will allow a further 90,000 to 100,000 businesses to access a range of small business tax concessions,…
Read MoreSMSF trustees: Don’t let “cognitive decline” sneak up on you!
As the Australian population ages, and retirees become either fully or partially reliant on their own retirement savings instead of the government pension, the ability to manage those funds may be affected by one of the possible downsides of a long life. The possibility of declining health, both physical and cognitive, may be uncomfortable to…
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