Category: Blog
30% Tax on Earnings for Super Balances Exceeding $3 Million from 2025
The governments has confirmed that the government will implement a 30% tax on earnings for super balances exceeding $3 million from 2025. After weeks of speculation regarding changes to concessions, the revised tax rate will take effect on 1 July 2025. Currently, earnings from superannuation are ..Read More
The SMSF Sector Has Shown Continued Growth
The latest ATO's annual statistics reveal that the self-managed super fund (SMSF) sector in Australia is experiencing continuous growth. The ATO's 13th edition of the SMSF statistical overview provides essential data and analysis of the sector for the 2020-21 financial year, based on SMSF annual ret..Read More
Can an SMSF Buy a Farm from a Related Party?
An SMSF can buy a farm from a related party, but it must comply with the rules and regulations set out by the Australian Taxation Office (ATO) to ensure compliance with superannuation laws. The purchase of assets from related parties is generally prohibited under superannuation law to prevent member..Read More
Can a SMSF Buy a Farm and Lease It to a Related Party?
Self-Managed Superannuation Funds (SMSFs) are becoming an increasingly popular choice for Australians who want greater control over their retirement savings. SMSFs offer a range of investment options, including the ability to purchase property. In fact, some SMSFs invest in agricultural land, which ..Read More
What are the Matters or Issues You Should Consider When Setting up a SMSF?
When setting up a self-managed superannuation fund (SMSF), there are several matters or issues that should be carefully considered. Here are some key considerations to keep in mind: Cost: Setting up and managing an SMSF can be more expensive than other types of superannuation funds. SMSFs requi..Read More
Can I Set Up a SMSF by Myself?
Yes, you can set up a self-managed superannuation fund (SMSF) yourself, but it is important to understand that there are legal and financial obligations that come with being an SMSF trustee. Setting up an SMSF involves a number of steps, including creating a trust deed, appointing trustees, regis..Read More
What is the minimum amount to set up a SMSF?
A Self-Managed Super Fund (SMSF) is a type of superannuation fund that allows you to take greater control of your retirement savings by giving you more flexibility and choice in how you invest your money. Unlike other types of superannuation funds, where the investment decisions are made by a profes..Read More
Pension transfer balance cap $1.9m for 2023-24
The release of the CPI index number for December 2022 has confirmed that the superannuation "general transfer balance cap" will increase by $200,000 to $1.9m for 2023-24 (up from $1.7m for 2022-23). If an individual starts to have their first retirement phase income stream on or after 1 July ..Read More
ATO alert: SMSF compliance risks with asset protection schemes
Certain schemes involving asset protection arrangements are on ATO radar as they present a compliance risk for SMSFs. The schemes concerned with claim to protect SMSF assets from creditors by mortgaging them to an asset protection trust, commonly called a ‘Vestey Trust’. The arrangement als..Read More
Super fund NALE rules – Govt discussion paper released
The Government has released a consultation paper on options to amend the non-arm's length expense (NALE) provisions for superannuation funds to ensure they operate as intended. The paper sets out potential policy changes to the non-arm's length income (NALI) and NALE provisions in s 295-550 of ..Read More