The Morrison Government has announced some welcome relief for retirees, income support recipients, casual workers and sole traders in the face of deteriorating economic impacts of the coronavirus pandemic. Minimum pension halved Deeming rates cut further 2nd $750 economic support payment $550 pf Coronavirus Supplement $10,000 super hardship withdrawal Temporarily Reduce Minimum Superannuation Pension Drawdown [...]
The federal government’s coronavirus stimulus package is without doubt generous, but they’ve forgotten about one important segment of our community – self-funded retirees. Once a super fund member moves into pension mode, they are required by law to draw a minimum amount out of the pension account each year. This is calculated as a percentage [...]
What is NALI? Non Arm’s Length Income (NALI) is income which is received by a fund in excess of what is reasonably expected to be received in a commercial and arm’s length transaction. Likewise an expense which is normally incurred in gaining or producing certain income is not paid can result in the income received [...]
As an SMSF trustee, you need to take special care when paying death benefits as you are responsible to ensure that the payment rules are met. Strict rules apply, affecting who can receive a death benefit, the form in which the death benefit can be paid and the timing of such a payment. Firstly, death [...]
Written by Karen Dezdjek If you have an SMSF, you should speak to a Financial Adviser to see if these ten smart strategies could apply to you. 1. Consider commencement of an Account Based Pension as soon as you are eligible This aids in maximizing the amount held in pension phase from a Transfer Balance [...]
As the end of financial year 2019 is upon us, it’s time to maximise contributions, ensure you’ve satisfied minimum pension drawings and optimise your tax position prior to 30 June. Things to consider: Top Up Your Super Contributions Bring Forward Super Contributions Make a Spouse Contribution Get a Government Co-Contribution Lodge Your Deduction Notice Review [...]
Self Managed Super Funds (SMSFs) are a growing, popular and significant sector in Australia’s superannuation industry – and here’s why! You can be more engaged with your super Many of Australia’s superannuants have little understanding what their superannuation balance is or even how their superannuation is performing. For many, superannuation continues to be a great [...]
We were surprised yet overall rather pleased with the outcome of the 2019 Federal Budget Update and the impacts on SMSF. Compared to past years where drastic changes have been implemented (most recently the Super Reforms), the announcements made last night all have a positive impact on the SMSF industry. Helping Australians to save for [...]
