For many years now Australians have been allowed to place non-Concessional Contributions into superannuation with minimal restrictions. This all changed on the 3rd May 2016, when the Government announced changes to the level of annual concessional contributions and changes to the life-time limit on non- concessional levels. The extra tax, applicable when you breach these
The federal election has now come and gone and we await the passing of the legislation announced in the May 2016 budget. If this legislation is passed, our clients will be in a better position to plan moving forward. However, July each year offers us a reminder to attend to a number of housekeeping issues
Last week the Federal Budget put forward a number of significant changes to superannuation which are designed in some shape or form to generate additional revenue for the Federal Government.
Retiring to the South of France, or that favourite beach hideaway is a dream many professionals share. Given the constant pressure of maintaining the standards that society places of all those who call themselves “Professionals”, it is often that picture of retirement that is the light at the end of the tunnel. The dream of
At this time of year many individual taxpayers are looking around for what they can claim as a tax deduction, often Superannuation comes to mind. However a SMSF is a taxpayer in its own right, so what can be claimed as a tax deduction?
Increasing discussion around raising the pension age, changes to age pension eligibility and higher taxes makes it more important than ever for people to plan ahead for a financially secure retirement. Finding extra cash for savings at the end of the month can be a tall order but if you follow the adage that you
The principle behind the ‘Sole Purpose Test’ is to ensure that all decisions you make for your SMSF should be made for the sole purpose of providing retirement/death benefits for yourself. A key word here is “retirement”.