Superannuation Contributions 2020-21 SMSF Gold Coast

Superannuation Contributions 2020-21

The new financial year often brings new rules and new strategies for superannuation and the 2020/21 financial year is no exception. The two key changes this year are: the removal of the work test for anyone aged 66 and 67 years old who wish to make non-concessional superannuation contributions 2020-21;

Average SMSF Costs and Fees for Accounting Audit Administration

Average SMSF Costs and Fees

What are the average SMSF costs and fees? SMSF operating, administration and audit costs are a key consideration when you setup an SMSF.

New data has been released from the ATO on the average SMSF costs and fees.  This new data is more detailed than previous high level statistics and provides reliably insight into SMSF administration,

SMSF end of financial year

SMSF End of Financial Year Checklist 2020

This SMSF end of financial year checklist contains a number of key items for trustees to review and action prior to 30 June 2020. This 2020 end of financial year is slightly different due to a number of specific items related to COVID-19.

Due to the size of this article we recommend you utilise the Article Contents menu below to skip to the relevant section of interest.

Work Test Change to Superannuation Contributions Increase to Age 67

Contribution and work test change for SMSF members aged 65 to 67

Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020.  The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need to meet the work test – including members of SMSFs.

Sharemarket SMSF Bear Trap

Sharemarket Bear Trap or Bargain for SMSF Investors?

This correction could turn out to be the opportunity of a lifetime or a nasty sharemarket bear trap, and the difference can boil down to knowing what you don’t know.

2019 SMSF annual return lodgment date deferred

2019 SMSF annual return lodgment date deferred to 30 June 2020

The Australian Tax Office has announced (22 April 2020) an automatic deferral of SMSF annual return lodgments for the 2018-19 financial year  to 30 June 2020. To be clear, where an SMSF had an original lodgement date of 15 May 2020, the 2019 SMSF annual return lodgment date is deferred to 30 June.

early release of super

COVID-19 – Early Release of Super – SMSFs

This week the ATO provided an update on the timing and application process for the $10,000 early release of super including how it applies to members of SMSFs. This article is essential reading for any SMSF members who are eligible for the early release payments and are considering applying.

Code of Conduct SMSF Commercial Tenancies

Code of Conduct for Commercial Tenancies including SMSFs

The National Cabinet has agreed to a mandatory code of conduct for commercial tenancies. The code will be guided by a set of principles, developed and legislated by State and Territory governments and apply to commercial landlords including SMSFs.

Tenants who participate in the federal government’s JobKeeper assistance and have a turnover of less than $50 million will be protected by the code.

Sign a Will electronically

Can you sign a Will electronically?

With social distancing restrictions from COVID-19 impacting almost every aspect of our daily lives we’ve been asking how estate planning can be validly completed and whether it’s possible to sign a Will electronically?

Christina Wolfsbauer from Intello Legal outlines how you can still complete or update your SMSF estate planning during the COVID-19 restrictions.

SMSF Lodgement Dates 2020

Upcoming SMSF Lodgement Dates 2020

There are a number of important SMSF lodgement dates 2020 that are upcoming across April, May and June 2020.  It’s also possible that the ATO may allow a lodgement extension for 2019 SMSF annual returns to assist tax practitioner businesses impacted by COVID-19.