Superannuation Tax Deduction Opportunities
When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working.
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SMSF quarterly statistical report – March 2021
The ATO’s March 2021 quarterly statistical report has revealed the total number of SMSFs will soon hit 600,000, with consistent growth seen across establishments and assets as the industry heads into a post-COVID recovery economy.
Changes to SMSF rollovers and release authorities
From 1 October 2021, self-managed super funds (SMSFs) will need to use SuperStream to roll over super to or from their funds. These changes are due to government measures announced in 2019.
Tax planning and contribution caps
From 1 July 2021, the non-concessional contributions cap will increase from $100,000 to $110,000. Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.
Eligibility for downsizer contributions to super
Older Australians who meet eligibility requirements can contribute up to $300,000 from the sale of their home into their super.
Your SMSF may have a TBAR due 28 April
The transfer balance account report for some SMSFs is due 28 April 2021. The TBAR is separate from the SMSF annual return and is a trustee reporting obligation. FInd out if you need to act.
Indexation of super contributions caps
When building an appropriate super nest egg, it’s important to understand the factors that can have an impact on your super balance come retirement. One of these factors is super contributions.
Australian SMSF Firm of the Year
Carrick Aland’s Intuitive Super has been named the AccountantsDaily 2019 Australian Accounting Awards SMSF Firm of the Year for their work that requires highly specialised self-managed superannuation advice in a constantly changing and regulated environment.