Author: chloeward

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About Chloe Ward

Manager & SMSF Specialist Advisor at Superfund Partners. I'm the person who oversees the day to day operations of Superfund Partners and it's my job to ensure our clients receive the best possible service. Although I have many years experience looking after the accounting functions of SMSF clients I'm not an accountant by trade. My passion and qualifications reside squarely on the advice side of the business. I love the challenge of helping people reach their goals. The satisfaction I get from knowing that I've helped another person stay on track or reach something they've been aiming for is what makes me come to work each day and love the job I do. Outside of the office, along with running around after a 4 year old, I love keeping active and getting to the beach any chance I can get. I am recognised as an SMSF Specialist Advisor with the SMSF Association.

Downsizing into Retirement

The downsizer contribution initiative is due to come into effect on the 1 July 2018. Late last year the Government passed its policy which allows super fund members over the age of 65 to sell a main residence and contribute funds into their superannuation accounts without contribution cap and work test issues.

While it may seem quite straight forward, like any government policies, there are a few hoops to jump first. There are three key steps that need to be taken if a member would like to be eligible to make downsizer contributions.

 

#1: Eligibility

The first step a member needs to take is to confirm that their contributions will be eligible to be contributed to their fund. An eligible downsizer contribution is where:
 

1. the contribution is made to a complying super fund by a member aged 65 years or older;

2. the amount is equal to all or part of the capital proceeds received from the disposal of an ownership interest in a dwelling that qualifies as a main residence in Australia;

SURVEY RESULTS Offshoring

The Issue of Offshoring Results 2017 – What do our clients think?

A few months ago, we reached out and asked our clients to share their view on offshoring and how it influences their decision to work with professional services businesses like ours. We then put together a press release to voice their opinion to the industry releasing the results from the survey via Superfund Wholesale. The below responses were featured in over 15 different publications including Canstar, Cairns Post, Townsville Bulletin, Gold Coast Bulletin, Courier Mail, Daily Telegraph, Herald Sun, NT News, Perth Now and News.com.au.

Together, we were able to spark a much needed debate on offshoring. Raising concerns surrounding disclosure to clients as well as support for government agencies to be more involved through industry regulation.

We would like to thank our clients for taking the time to complete the survey and helping us make a difference to the industry and wider community.

We have summarised key results from the survey in an easy to read infographic. Check it out!

 

Average costs of an SMSF Administrator-SMSF Admin-Self Managed Super Fund Admin-SMSF Specialist-how to setup an SMSF

What are the average costs of running an SMSF?

The perceived high costs involved with running your own fund can sometimes be the determinant factor for many people, especially when considering if having an SMSF is right for them. In addition to this, the first question I get asked from prospective clients is “what are your fees?”. It’s a legitimate question and is usually the catalyst for trustees to change administration providers, that and the lack of perceived value they are receiving for that cost.

Being in this industry for quite a while now I have come across many different fee structures. Traditionally the fees to run an SMSF are higher than your industry or retail fund, however the opportunities afforded to you with control and flexibility need to be weighed up in terms of the value they provide you in reaching your retirement goals. In 2014 Rice Warner Actuaries conducted research on the SMSF operating costs across the country and have come up with a scaled view demonstrating the variance in costs.

What are the average costs of running an SMSF? SMSF Administrator-SMSF Admin-Self Managed Super Fund Admin-SMSF Specialist-how to setup an SMSF

*In 2014 Rice Warner Actuaries

This table is based on a fund in accumulation mode and doesn’t take in the extra costs firms are charging for pension set ups,

Partners Express: Coalition dumps $500,000 lifetime superannuation cap

The federal government has made some big changes to their superannuation package, including dumping the $500,000 Super cap.

USEFUL LINK

http://treasury.gov.au/SuperReforms

SMSF Administrator-SMSF Admin-Self Managed Super Fund Admin-SMSF Specialist-how to setup an SMSF-PARTNERS Wrap Up

August 2016 Partners Wrap up

Chloe Ward chats about the budget, non-concessional contribution caps and wraps up the month as we all prepare for the election that is just around the corner.

2016 Partners Wrap Up

June 2016 Partners Wrap up

Chloe Ward chats about the budget, non-concessional contribution caps and wraps up the month as we all prepare for the election that is just around the corner.

Superfund Partners - SMSF Administrator SMSF Admin Self Managed Super Fund Admin SMSF Specialist - Federal Budget 2016 Changes to Super

What a Super Budget – Superannuation changes in the Federal Budget 2016

 

Well, I can’t say that this year’s budget was my favourite, which I’m sure is a shared sentiment among a lot of our clients. Whilst I still believe that Superannuation is a great space and retains a high degree of tax advantages, there are some changes on the table that will affect quite a few people.
For simplicity’s sake, let’s break it down into the good and the bad:

The Good

  • The work test has effectively been done away with. Up until now if you were over 65 and wanted to contribute you had to meet this test. From 1 July 2017, this will be no more. One less thing to provide at audit time as well.
  • Low-income spouse rebate. This has been introduced as a measure to equalise spouse super accounts – namely women. It’s a $540 offset that phases out once the recipient’s income is $40,000.
  • Another initiative for the low-income earner is the rebate on contributions tax if you are earning less than $37,000.
2016 Partners Wrap Up

April 2016 Partners Wrap up

Chloe talks about a successful month, looking at opportunities and getting ready for the budget announcement.

Superfund Partners - SMSF Administrator SMSF Admin Self Managed Super Fund Admin SMSF Specialist

Partners Express – Investment Talk with Mark Beveridge from Quill Group

Chloe interviews Mark Beveridge from Quill Group and gets his insight on the difficulties investors are facing and what opportunities they should be looking out for.

 

2016 Partners Wrap Up

March 2016 Partners Wrap up

Chloe talks about crunching down before the May deadlines, what to watch out for and steps you should be taking for EOFY preparation.