Upcoming Changes to Contribution Caps

As we approach July 1, 2024, concessional and non-concessional contributions are set to undergo changes with increased caps coming into effect. These increases hold significant implications for contribution timing and pension commencement planning. In this article, we’ll explore the revised limits and their potential impact, to help you understand the changes, and if they impact […]

Introducing “Division 296 Tax”

The Government’s draft legislation imposes an additional 15% tax on certain earnings for individuals whose total superannuation balance is in excess of $3 Million. We finally have a name and further details of the exposure draft Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023. together with accompanying explanatory materials, which was released on  3 […]

Treasury’s Proposed Super Balance Tax: More Questions Than Answers

So, while some questions have been answered, the revelation has raised even more, leaving many to wonder what else they don’t know.   What we do know about the $3 Million balance and the additional 15% tax on earnings: The balance is based on the total super balance of a member and will be determined […]

End of Financial Year Super Checklist

Concessional contribution cap – before tax deductions Concessional contributions consist of: member concessional contributions that are deducted against your income (Sec 290-170 notice) employer super guarantee contribution obligations and/or salary sacrifice arrangement paid by your employer. You can contribute up to $27,500 per person for the year ended 30 June 2022. Concessional super contributions are […]

Break The Bias – Leaving a Legacy for Blended Families

In recent years as families are becoming increasingly “blended” with new families being formed due to separation, divorce or death of a partner, the courts are taking a tougher approach to the growing number of inheritance disputes over assets in self-managed super funds. This is creating new issues for Will-makers, trustees, and beneficiaries. Women today […]

Super Changes are Finally Here

For those aged between 67-74 years of age. Removal of the work test for non-concessional contributions and salary sacrifice arrangements; and Extending the bring forward non-concessional contributions. Lowering the age to make downsizer contribution from the sale of your principal place of residency from age 65 to 60. The requirement to meet the work test […]