Tag Archives: Accountant SMSF

Future of superannuation

The government has showed its hand in terms of potential future changes to the Australian superannuation system. The Assistant Treasurer and Minister for Financial Services, Stephen Jones, outlined two main areas the government will be focusing on. This includes legislating an objective for super (ie for use in retirement), which will then able conversations around the taxation of super, in particular tax concessions given to high asset SMSFs. The second area the government will seek to tackle is performance tests, on which work has already commenced.

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Current compliance issues in the SMSF space

The SMSF space has always been a complex area for both trustees, beneficiaries, and advisers. In the past few years, the ATO has made many concessions and has put compliance action on hold because of COVID-19 and its after effects. However, for the 2022-23 year and beyond, it is looking to scale up its compliance program as a reaction to indicators of heightened risk in the sector. One specific area it will be targeting is those failing to lodge annual returns, which has been identified as a red flag leading to illegal early release.

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Up and coming changes to super

A number of significant super changes has been introduced into Parliament as a part of the government’s plan to enhance super outcomes for Australians. If passed, the changes will allow individuals aged between 67 and 75 to make non-concessional contributions and salary sacrifice super contributions without meeting the work test. Other changes introduced in conjunction include lowering the age for downsizer contributions, increase in the maximum releasable amount under the First Home Super Saver Scheme, and removing the minimum threshold for super guarantee.

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Building delays may cost you in more ways than one

If you’re building or substantially renovating your home, any delays you may experience may end up costing you more than just money now. Individual Australian tax residents are able to access a building concession which in essence means that they can treat either the land or dwelling on the land as their main residence even though they are not living there during building or renovations. However, this concession only applies for a maximum of 4 years subject to certain conditions. Absence of the concession, you may be slugged with CGT on sale of that residence.

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