Category: Blog
Maximize Your Retirement Savings: 2024/25 Superannuation thresholds Update
Welcome to the latest update on superannuation contribution caps for the 2024/25 financial year! Staying ahead of these changes is crucial for anyone planning their retirement strategy. Let's dive into the recent updates and understand how they can benefit your financial future. 1. Concessional C..Read More
Prepare to submit your SMSF Annual Return (SAR) by the deadline of 15 May.
Is your Self-Managed Super Fund's (SMSF) SAR for this financial year due by 15 May? It's crucial to appoint an auditor at least 45 days prior to ensure compliance with the May deadline. In readiness for submission, it's imperative to: Conduct a market valuation of all your assets Prepar..Read More
New Superannuation Contribution Caps from 1 July 2024
The caps for concessional and non-concessional contributions are set to increase starting July 1, 2024, as outlined below: The cap for concessional contributions will rise from $27,500 to $30,000. Non-concessional contributions will see an increase from $110,000 to $120,000. The maximum n..Read More
Simplifying SMSF Setup and Ensuring Ongoing Compliance for Strategic Indian Investments
iCare Super is your dedicated partner in streamlining the establishment of Self-Managed Superannuation Funds (SMSFs) and ensuring ongoing compliance for strategic investments in the dynamic Indian market. Our specialized services are tailored to guide clients seamlessly through the SMSF setup proces..Read More
Based on the ATO's latest statistics on the self-managed super fund (SMSF) sector, as of September 30, 2023, there are 611,961 SMSFs. The total membership of SMSFs amounts to 1,142,957 individuals. The collective estimated assets of SMSFs reach $884.6 billion. The primary asset types wi..Read More
ASIC announces its 2024 enforcement priorities regarding Superannuation and Financial Planning
ASIC has announced 12 new priorities for 2024 as well as six "enduring priorities". Two new priorities have been added in relation to the superannuation industry, including a focus on member services failures and misconduct relating to the erosion of superannuation balances. New priorities re..Read More
SMSF client to agent linking
For new SMSFs engaging a tax agent, you can submit the SMSF ABN registration form and specifying your tax agent as your representative, eliminating the need to go through the standard client-to-agent linking procedures. For existing SMSFs you'll need to follow the client-agent linking steps i..Read More
SMSF contraventions increase during the 2023 financial year
There has been an increase in non-complying SMSF funds during the 2023 income year. This has resulted in the ATO imposing a higher number of sanctions compared to previous years, including: an additional $29 million in income tax liabilities, administrative and tax shortfall penalties, and in..Read More
Taxpayer alert: Diverting property development profits to SMSF
he ATO has issued Taxpayer Alert TA 2023/2: Diverting profits of a property development project to a self-managed superannuation fund, through use of a special purpose vehicle, involving non-arm's length arrangements. The Alert states that the ATO is reviewing arrangements under which: one or..Read More
SMSF related-party LRBAs: ATO interest rate for 2023-24
For SMSF related-party limited recourse borrowing arrangements (LRBAs) used to acquire real property, the ATO's safe harbour interest rate is 8.85% for 2023-24 (up from 5.35% for 2022-23). Practical Compliance Guideline PCG 2016/5 sets the safe harbour interest rate each year according to the ..Read More