Catch-up concessional contributions – strategies and practicalities
It’s been a long time coming but members are finally able to use the catch-up concessional contribution rules for the first time this year (2019–20).
2020 audits to focus on investment strategy
SMSF auditors are expected to focus more clearly on specific details and evidence around a fund’s investment strategy in the coming year as the industry continues to feel the ripple effects from the ATO’s diversification letter campaign of 2019.
Grow your super in the new year
Making an extra voluntary contribution now might improve your lifestyle once you retire. A new year’s as good a time as any to make plans. How about a gift to…
‘Visible, valued and owned’: ATO outlines super priorities for new year
The ATO has renewed its commitment to making sure super is “visible, valued and owned” in 2020, naming consolidation of member accounts and reducing the incidence of SG non-payment as some of its key priorities for the coming year.
SMSFs: How to spot incorrect contributions
Running your own super fund means you have extra responsibilities as a trustee If you’re running your own self-managed superannuation fund (SMSF) you’re likely to be acting as both a…
Superannuation changes
Learn more about the latest super reforms and what they could mean for you. Putting Members’ Interests First legislation Putting Members’ Interests First (PMIF) law was passed in September 2019….
Eggs, baskets and diversified SMSF investment strategies
The ATO wants to ensure that, when an SMSF has a significant majority of its investments in a single asset class, the trustees have considered, as part of the investment strategy, the risks which could arise from that limited diversification.
New opportunities for employees to claim additional superannuation
Under the current rules, the maximum amount of “concessional” superannuation contributions that can be claimed is $25,000.00 per person per annum.
ATO provides further trustee instructions on myGovID
The ATO has provided further instructions for SMSF trustees and directors around how they can prepare their funds for the advent of the myGovID system early next year.
Downsizer contributions offer more than meets the eye
Retiree clients looking to sell their property can often contribute more to their SMSF than expected through the government’s recently introduced downsizer contribution rules, due to the flexibility to split contributions between spouses and use them in conjunction with other contribution rules, according to Fitzpatricks Private Wealth.
