Self-Managed Super Funds
Our expert SMSF Team can help you to get a super plan that allows for more wealth, travel and leisure in retirement.
Specialising in keeping you ahead with proactive and innovative solutions, our experts will help you reach your financial goals and provide you with tailored solutions that suit your needs for accounting and compliance, plus the ongoing administration of your super fund. Carolyn and her team take you through all the steps regardless of what investments you want and keep you fully informed of their performance and other opportunities that crop up throughout
Our SMSF Solutions include:
• SMSF Establishment
• SMSF Compliance
• SMSF Investment Strategy
• SMSF Administration
• Pension and Transition to Retirement
• Tax Effective Strategies to Optimise Your Super Return
• Retirement Planning
There are great advantages of having a Self-Managed Super Fund and yours could include:
• Tax Concessions
• Flexibility in investment choices and asset selection
• Control over your total investment portfolio
• The ability to group your resources with up to 4 fund members with similar financial objectives, these other members could be family members
• Flexibility in establishing and managing pensions
• Investing in direct property
• Ability to own business real property in your superannuation fund, to assist your business cashflow.
When you consider that superannuation is, for many people, one of their biggest long term investments, it makes sense to invest in getting sound superannuation advice and ensuring the fund you have is working for you. We can take the stress and worry out of important questions like 'how much Super is enough' and guide you through implementing tax effective super strategies to ensure you meet your future retirement goals.
Accessing Your Super
You can access your super:
when you turn 65 (even if you haven’t retired), or
when you reach preservation age and retire, or
under the transition to retirement rules, while continuing to work.
There are very limited circumstances where you can access your super savings early. These circumstances are mainly related to specific medical conditions or severe financial hardship.
Your preservation age is not the same as your pension age. Your preservation age is the age at which you can access your super if you are retired (or have started a transition to a retirement income stream).
Your preservation age depends on when you were born. You can use this table to work out your preservation age.
|Date of birth
|Before 1 July 1960
|1 July 1960 – 30 June 1961
|1 July 1961 – 30 June 1962
|1 July 1962 – 30 June 1963
|1 July 1963 – 30 June 1964
|From 1 July 1964
Concessional Contributions Cap (super)
||50 years to 59 years*
||60 years and over*
Concessional contributions are contributions made into your SMSF that are included in the SMSF's assessable income. These contributions are taxed in your SMSF at a ‘concessional’ rate of 15%, which is often referred to as ‘contributions tax’.
The most common types of concessional contributions are employer contributions, such as super guarantee and salary sacriﬁce contributions. Concessional contributions also include personal contributions made by the member for which the member claims an income tax deduction.
Concessional contributions are subject to a yearly cap.
- From 1 July 2017, the general concessional contributions cap is $25,000 for all individuals regardless of age.
- For the 2014-15, 2015-16 and 2016-17 financial years, the concessional contributions cap is $30,000 per financial year and will be temporarily increased to $35,000 for members aged 49 or over.
- For the 2013–14 financial year onwards, excess concessional contributions are no longer subject to excess contributions tax. If a member's contributions exceed the cap, the amount will be included in the member's assessable income and taxed at their marginal tax rate.
Generally, non-concessional contributions are contributions made into your SMSF that are not included in the SMSF's assessable income. The most common type is personal contributions made by the member for which no income tax deduction is claimed.
For the 2014-15, 2015-16 and 2016-17 financial years non-concessional contributions are subject to a yearly cap of $180,000 for members 65 or over but under 75 or $540,000 over a three-year period for members under 65.
If a member’s non-concessional contributions exceed the cap, from 1 July 2014 a tax of 47% is levied on the excess contributions. Individual members are personally liable for this tax and must have their super fund release an amount of money equal to the tax.
Non-concessional contributions also include excess concessional contributions for the ﬁnancial year. They do not include super co-contributions, structured settlements and orders for personal injury or capital gains tax (CGT) related payments that the member has validly elected to exclude from their non-concessional contributions.
From 1 July 2017, the non-concessional contributions cap is reduced to $100,000 for members 65 or over but under 75. Members under 65 years of age will have the option of contributing up to $300,000 over a three-year period for members depending on their total superannuation balance.
Superannuation changes from Budget Night May 2016
1.Cutting concessional contribution caps to $25,000
2.Lowering Division 293 tax threshold to $250,000
3.$500,000 lifetime cap for non-concessional contributions
4.$1.6 million cap on “transfers” to retirement
5.Allowing catch-up concessional contributions
6.Removing the 10% rule for deductible superannuation contributions
7.Introducing the Low Income Superannuation Tax Offset
8.Removing the tax-free treatment of assets supporting transition to retirement income streams
9.Harmonising contribution rules for those aged 65 to 74
10.Remove the anti-detriment provision
11.Enhancing choice in retirement products
12.Improve superannuation balances of low income spouses
13.Legislating the objective of super