Reading Room - Superannuation & SMSFs
The SG definition of an employee is broad and just how far it extends has sparked debate of late about the rights of performers, gym instructors and others not typically considered employees.
The amount of money that can be transferred to a tax-free retirement account will increase to $2m on 1 July 2025. The transfer balance cap is indexed to the Consumer Price Index (CPI).
The Government has announced its intention to introduce mandatory standards for large superannuation funds to deliver timely and compassionate handling of death benefits
In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of the contribution was marginally higher at $262,000 versus $259,000 by men.
From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly payment sequence.
The ATO has warned trustees of SMSFs about sloppy valuation practices. For trustees of SMSFs, where asset values are consistently reported at the same value, your SMSF may be flagged for closer scrutiny.
From 1 July 2024, the amount you can contribute to superannuation will increase from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions.
An SMSF can invest in property development if trustees ensure the investment complies with the rules. And, there are a lot of rules. We look at the pros, cons and problems that often occur.
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
