Tag: superannuation

When commencing any self managed superannuation fund (SMSF), there is one over-riding expectation that an adviser will most likely drum into newby trustees again and again — that their fund must meet the sole-purpose test. This is not only to maintain access to the various tax concessions available, but to avoid possible civil or even criminal penalties.

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There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). The reasons for winding up are many and varied, but could include:

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WHAT IS A BDBN?

A BDBN is a notice given by a member to the trustee of their super fund which imposes a direct duty on the trustee to pay their death benefits in accordance with their wishes specified in the notice.

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Division 293 was introduced about five years ago, and is intended to even out the concessional tax treatment that higher income earners enjoy on some superannuation contributions. This results from super contributions made before tax being taxed at 15% within a fund, and the higher relative difference in marginal rates for high income earners compared to the average. (more…)

A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing. (more…)

Recent legislation has introduced several superannuation rule changes. Among them is a new “transfer balance account”, which each recipient of a superannuation pension will be required to have. In other words, individuals receiving superannuation income stream benefits will need to keep a transfer balance account. (more…)

Our Olympian contingent arrived back home from Rio with a collective 29 medals, eight of them gold, securing Australia 10th place overall. But our Olympic champions can take extra comfort in knowing that they are back in a country where self managed superannuation funds are consistently taking 1st place and standing on the highest podium to take the gold medal for best performance. (more…)

How to find and merge all your lost super accounts in three easy steps

It’s human nature to avoid painful administrative tasks – even when completing those tasks results in clear benefit. (more…)