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Proposed Increase in Tax Rates for Super Balances over $3 Million by Australian Labor Party

The Australian Labor Party has proposed an increase in tax rates for individuals with a super balance over $3 million. If implemented, this policy would affect a small percentage of Australians who have accumulated significant wealth through their superannuation. Under the current system, superannuation balances are taxed at a flat rate of 15%. However, the Labor Party’s proposed policy would see individuals with a super balance over $3 million paying an additional 15% tax on the portion of their balance over $3 million. This would result in a total tax rate of 30% on the excess balance. It...

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Licensing and Advice Issues

A Quality of Advice Review report has recently been presented to the government for final review. This report seeks to address concerns surrounding the SMSF industry particularly, issues regarding the provision of financial advice. The effect of the review is expected to flow through in the 2023 financial year. ASIC released its updated SMSF advice guidance last December 2022 by removing the $500,000 threshold for new SMSF setups and highlighting the importance of seeking a financial adviser that possesses an SMSF specialist knowledge. See here for ASIC’s Information Sheet 274 –...

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Annual Return Lodgment Due Date

It is important to get all the SMSF affairs up to date with the ATO. In general, the important lodgment and payment due dates for SMSF Annual Returns are:31 October: If the SMSF have one or more prior year returns outstanding, lodgment is due on 31 October in the same year. 28 February: The newly established SMSFs are required to lodge the first annual return and pay any tax due, by 28 February of the following year. 15 May: If the SMSF Annual Returns are not required to be lodged earlier the due date is generally on the 15 May of the following year.Penalties may apply if there is a failure...

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SuperStream is no longer a new concept for SMSF. It is an electric service allowing SMSFs to initiate rollover and release authority requests online. For more info, please click here. For our accounting clients, we can register the SuperStream code on request on our system. This service is  included in our monthly or annual fee. Please see here for more options.

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ATO is More Lenient with Market Valuation

The ATO has released a relaxed Market Valuation Guidelines which provides updated approaches for SMSF Trustees and Auditors. You can view the Guidelines here. The renewed emphasis of the guideline is summarized below: Qualified Independent Valuer The ATO has updated its lexicon, replacing “external valuation” with “valuation by a qualified independent valuer”. Using this as a preferred term enables the ATO to clarify how frequently a valuation from a qualified independent valuer is required. SMSF Trustee Responsibilities Trustees are not required to have a valuation by a qualified independent...

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What is the $450 Super Guarantee Charge?

It is important to check if your employer is paying the right Super Guarantee (SG) into your super no matter if you are getting your super paid weekly, monthly or quarterly.From 1 July 2022, there are some new updates regarding the Super Guarantee:The Super Guarantee rate increases from 10% to 10.5% The removal of the $450 per month eligibility when paying super (now, all ordinary time earnings have to be paid super)You must have applied these changes to all the salary and wages you are paid even if some of the pay periods are related to the year before 1 July 2022. All other eligibility...

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AirBnB SMSF Investment Properties

A lot of people are looking into investing in real estate via Airbnb. This includes self-managed super funds (SMSF). At the same time, some people see it as a way to make money, while others see it as a way of earning passive income. In fact, many investors are now listing their rental properties on Airbnb to generate extra cash flow. The popularity of short-term rentals like Airbnb is proliferating. In Australia, there are now over 40,000 listings for people wanting to rent out their homes. And many of those listings are being advertised on the site as a B&B. But what does...

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Related-party purchases

Related-party PurchasesTransactions with related-parties are always tricky to SMSF Trustees. Trustees should be cautious when purchasing certain assets from related-parties or entities controlled by a related party. However, there are exceptions such as listed shares or business real properties. Alternatively, there is an exception for in-house assets as long as the value of the assets are kept within the allowed range. In some scenarios, related-party transactions can happen without even being noticed by Trustees. In our recent audit case, Trustees used their personal bank account to purchase...

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SMSF recent changes

A few measures around superannuation was announced in the 2022 Federal Budget. Majority of the changes will apply from 1 July 2022.Super Guarantee rates increased to 10.5% – Employers must pay their employees 10.5%. Members should ensure the increase is reflected in the current pay slips. If not they can contact the payroll department. Work test removal – Members aged between 67 and 74 are no longer required to meet the work test to be eligible to contribute. Be mindful of the total super balance. Existing cap limits will continue to be the same. Members will need...

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Estate planning in an SMSF

When a Member dies, the Member’s benefit will be passed on to the beneficiaries or the Member’s legal personal representative. This can be done in the form of a Binding Death Benefit Nomination (BDBN), also referred to as an ‘SMSF Will’. There has been a recent court case, Hill v Zuda Pty Ltd [2022] HCA 21, regarding Binding Death Benefit Nominations (BDBN) that do not necessarily abide by superannuation legislation and regulations. Facts of the caseMr. Sodhy and Ms. Murray were both Members of the Holly Superannuation Fund and Directors of Zuda Pty Ltd. A clause...

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Property Investments with your SMSF

An SMSF can invest in commercial or residential property, but note that you cannot live in the property, use the property as a holiday house or have a family member live in it. For more information on investing in property with your SMSF, please visit our webpage here.In recent news, the RBA interest rates has now risen to 1.85% from 1.35%, highest it has been since 1994. In response to RBA’s rise, Commonwealth Bank, ANZ and Westpac have also raised their variable home loan rates. “CBA’s basic variable rate will hit a three-year high of 3.79% – a huge...

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