As predicted in issue 3 of our SMSF Platinum Series, the first casualty of the government’s super reforms is the $500K lifetime cap on non-concessional contributions. In a compromise, the $500,000 cap backdated to 2007 has been removed and replaced by a mechanism in which people would be able to make both concessional and non-concessional contributions … Continued
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The superannuation guarantee scheme requires all employers to provide a minimum level of superannuation support for their employees, but not for independent contractors. A key area of dispute which can arise between taxpayers and the ATO is whether workers are “employees” or “independent contractors”. An “employee” for superannuation guarantee purposes includes anyone who is an … Continued
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Individuals with superannuation salary sacrifice arrangements should consider reviewing their arrangements in light of the gradual increase to the superannuation guarantee rate. Salary sacrificing super and the superannuation guarantee rate increase both help to boost retirement savings. However, it is important for individuals to review their circumstances and identify any adjustments to suit their needs. … Continued
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Superannuation strategy should not be one to “set and forget”. The new calendar year is a good time to review your circumstances, and perhaps set some new goals to help boost retirement savings.
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Personal insurance is a smart way to protect your quality of life and provide support for you and your loved ones if you get sick or injured. While you often hear how important it is to have sufficient cover, it’s just as important to be smart about the structure of your insurance
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In this Special Issue we summarise the key announcements of the 2014 Federal Budget. A full copy of Thomson Reuters’ 2014 Federal Budget Report is available.
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The Australian Prudential Regulation Authority (APRA) released its Annual Superannuation Bulletin for the financial year to 30 June 2013. The publication included the following:
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Superannuation may still be the best total tax deal in town, but some of the advantage has been stripped away by the reintroduction of the surcharge. Recent legislation introduced Version 2 of the surcharge that was abolished eight years ago.
Read More >> Among recent changes related to superannuation taxes are: Extra 15 percent super contributions tax for high income earners The superannuation law has recently been amended so that the effective contributions tax for certain concessional contributions (up to the concessional cap) has been doubled from 15 percent to 30 percent for “very high income earners”.
Read More >> Superannuation tax concessions remain a tax-effective investment structure for many taxpayers. Best practice, then, is to become familiar with various super developments to capitalize on the opportunities and avoid any pitfalls. Key developments to watch are:
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