superIQ

See Your Future Clearly

SuperIQ is an intuitive Self Managed Superfund System that’s designed to link all the services you may need, helping you to make the best decisions about your financial future.

Off-market transfers between related parties

Government drops new rules from the Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013

What it means?
The Super System Review (Review into the governance, efficiency, structure and operation of Australia’s superannuation system) was concerned that the off market acquisition and disposal of assets between related parties and SMSFs, where both the buyer and seller can effectively be the same person, lacked transparency, was inherently risky and thus open to greater abuse than non-related party transactions.

The Coalition Budget Reply Speech 16 May 2013 and its Plan for Superannuation

On Thursday 16 May 2013, the Coalition leader, Tony Abbott delivered his Budget reply speech which included for the first time its plan for superannuation. The Coalition had previously stated that they would not make any unexpected changes to superannuation if they were to be elected. The announcements can perhaps illustrate that the Coalition is very confident that they will win the upcoming election.

These changes are of course only policy announcements and will form part of the Coalition proposals that they have confirmed they will take to the Federal election.

Federal Budget 2013-14

On Tuesday 14 May 2013, Federal Treasurer, Wayne Swan delivered his sixth Federal Budget. No new superannuation measures were announced.  The Government had already after much speculation announced their proposed changes to superannuation on 5 April 2013. They indicated that these proposed superannuation reforms are part of their ongoing attempts to improve the fairness, sustainability and efficiency of the superannuation system.

Benefits of setting up a Self-Managed Superannuation Fund (SMSF) before year end

SMSFs appear to becoming the retirement vehicle of choice for an ever increasing number of Australians. The key driver has been to gain control, flexibility and value from their superannuation.

For many, and of course dependant on a person’s account balance, the cost of running an SMSF may be significantly lower than that of an alternate super fund. The main cost of an SMSF is the completion of the annual administration requirement of the fund.

Increasing the superannuation concessional contribution cap

The government this week released the exposure draft of the legislation to implement a higher concessional superannuation contributions cap of $35,000 for older individuals as announced by the Government on 5 April 2013. The government has held off on other announced measures to increase tax on high-earning retirement accounts.

Off-market transfers between SMSFs and related parties

What it means?

The Super System Review (Review into the governance, efficiency, structure and operation of Australia’s superannuation system) was concerned that the off market acquisition and disposal of assets between related parties and SMSFs, where both the buyer and seller can effectively be the same person, lacked transparency, is inherently risky and thus open to greater abuse than non-related party transactions.

What happens when a Self-Managed Superannuation Fund (SMSF) fails to meet the minimum pension requirements?

An income stream paid from an SMSF must ensure that a payment occurs at least annually and for an account based pension, a minimum amount is paid to a member each year.

Valuing SMSF assets

For 2012/13 income years and any later income years, it will be mandatory for SMSFs to value their investments according to the market value rules set down by the ATO, ‘Valuation guidelines for SMSFs’

Please take note of these requirements so that you can start to consider how valuations will be obtained and where eternal valuations are required, start making arrangements.

Proposed changes to superannuation

The Government announced today after much speculation their proposed changes to superannuation.  They have indicated that these proposed superannuation reforms are part of their ongoing attempts to improve the fairness, sustainability and efficiency of the superannuation system. They have not ruled out making further changes to the superannuation system in the upcoming Federal Budget.

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