A great way to grow your retirement savings is by making regular contributions to your super fund. However, there are limits to extra contributions which when exceeded, may be subject to additional tax liabilities. Concessional contributions There are two kinds of contributions, concessional and non-concessional, which have different contribution caps. Concessional contributions are payments made…
The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can…
Self-managed super fund (SMSF) trustees are required to appoint an ATO-approved SMSF auditor no later than 45 days before lodging their SMSF annual return. An SMSF auditor is a professional who assesses your fund’s compliance with superannuation law and examines your fund’s financial statements. SMSF auditor eligible requirementsYour SMSF auditor must be: Independent. SMSF auditors…
Using SMSFs to buy property has become increasingly popular among Australians in recent years, particularly since it became possible for SMSFs to borrow money to fund a direct property purchase. Residential property A residential property owned by an SMSF has some limitations as to who it can be leased to. To buy property through your…
