Retirement planning case study
Projected benefits of putting extra savings into super Age 40 Starting balance $100,000 Income of $100,000 per year As shown in the above case study, putting an extra 6 per cent of your pre-tax income into your super each year could leave you significantly better […]
Age pension age increase
Did you know the age pension age is increasing? The age pension age is increasing to 67 which could have a significant impact on the retirement plans for many Australians. The age you are eligible to receive age pension payments from the Government, depends on your date of birth. That is, the age pension age […]
Key points from Budget 2018
How will the Budget affect you? This year’s Federal Budget is an ‘election budget’ with tax cuts for all Australians that will be funded by the Government’s higher than expected revenue. All-in-all, changes to super were fairly limited in the Budget, with the Government focused on preventing the erosion of super funds with small balances. […]
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 The ATO will soon close their SMSF Assist website, as its function has been superseded by the advances made on the main website, ato.gov.au.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 […]
