Personal super contributions
Claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more people may be eligible to claim a personal super contributions deduction this tax time. Omnis Group can help you to understand if you are eligible and let you know if you need to: make personal (after tax) super contributions directly to your […]
SMSF Assist changes
SMSF Assist website to close The SMSF Assist website will no longer be accessible from July 2018. The ATO will soon close their SMSF Assist website, as its function has been superseded by the advances made on the main website, ato.gov.au. Self-managed super fund (SMSF) trustees and professionals can use ato.gov.au as their central source of information for […]
Downsizer contributions
No need to actually ‘downsize’ for ‘downsizer contributions’ Measure announced in 2017/18 Federal Budget aims to provide incentive for older Australians to ‘downsize’ their home. From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to […]
Super rates and thresholds
New superannuation rates and thresholds released The ATO has published key super rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will be $1,480,000. The Division 293 tax threshold will be […]
Superannuation pensions
New reporting requirements for superannuation pensions With the new super rules beginning on 1 July 2017, your requirement to report information about your SMSF and the pensions it pays you and other fund members may be changing. This is driven by the introduction of the new $1.6 million transfer balance cap which limits the amount […]
Fair’s fair for blended families
A blended family can have a huge impact on your finances Whether it’s buying a home with your new partner or ongoing child support. But, one of the most important areas that is often overlooked, is the impact of a newly formed family structure on your estate plan. A fair solution means your wishes are […]
SMSF investing in cryptocurrencies
Bitcoin and cryptocurrencies like bitcoin are not money but are capital gains tax (CGT) assets If an SMSF transacts in cryptocurrencies, SMSF trustees and members need to be aware of the tax consequences. In each case these will depend on the nature of the SMSF’s circumstances. SMSFs involved in acquiring or disposing of cryptocurrency must […]
Re-weighting your risk
Portfolio re-weighting is an essential risk management process that every investor should use But what is portfolio re-weighting and why should you do it? What is ‘portfolio weighting’? Portfolio weighting describes the percentage of an investment in a portfolio – usually by asset class. For example, a typical balanced fund will have around a 60 […]
Secure your children’s future education
As a parent or grandparent, one of the best things you can do is give your child or grandchild a good education. But what if you weren’t around to help make it happen? Fortunately, you can put plans in place in your Will to make sure your children’s or grandchildren’s inheritance goes towards their education. […]
Self-service super contributions
Easier to claim a tax deduction on personal super contributions than ever before The 1 July 2017 super reforms have opened up a fantastic new opportunity to build wealth in super and reduce your tax bill at the same time. Before 1 July 2017, the only way most people could take advantage of the concessional […]
