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SMSF

What’s new for your SMSF

We’ve listed below the key updates that you need to be aware of as Trustees for your SMSF. Increased contribution caps From 1 July 2021, the superannuation contributions caps have increased, which means you can contribute more to your superannuation fund each year. This assumes that you...

Essential Superannuation Update 2021-22

Superannuation and ETP thresholds The superannuation and ETP (employment termination payment) thresholds for the 2021–22 financial year are listed below: 2021-22 Concessional contributions cap for individuals aged under 75* $27,500** Concessional contributions cap for individuals aged 75+ Only mandated employer contributions† Non-concessional contributions cap* $110,000 CGT cap amount $1,615,000 Low rate cap amount/ETP cap amount $225,000 Untaxed plan...

EOFY tax tips and reminders

There are a number of key changes from 1 July 2021 that you need to be aware of, such as changes to increase the super guarantee to employees and changes to single touch payroll (STP). If you're a business owner, there are also many obligations that...

SMSF 2021: What changes you need to know

As a Trustee / Director of a Trustee Company for your Self Managed Superannuation Fund (SMSF), there are changes in opportunities and risk areas you need to consider each year. So to keep you up to date with everything affecting your SMSF, we've outlined a brief...

2021 Federal Budget Update – A strong Budget for SMSFs

As expected, this year’s Federal Budget has a strong emphasis on job growth and women’s security. From an SMSF perspective, there were some welcome surprises for SMSF trustees. Below are some key measures that you should be aware of. All measures outlined below, other than the...

Who gets your Super?

Who decides what happens to your superannuation savings when you die? You may think that you do, but that isn’t always the case. The ultimate decision may be made by someone you don’t even know – the trustee of your superannuation fund. Let’s look at how...

Successor Director Is Crucial To Your Business. Learn Why!

Many small to medium businesses are advised to have a family member as the operator (Director) of the business and risk-taker associated with the company whilst your partner or a family trust or similar hold all assets for the family. This commercial advice is based on...

Latest SMSF updates 2020

Our KMT Spring Edition Newsletter 2020 is ready. Highlights in this edition: SMSFs - LOOKING TO THE FUTURE - A review of how recent changes affect you as an SMSF trustee. ATO UPDATE – New ATO guidance on when it will remit SMSF trustee penalties. TRUSTEE Q &...

ATO scrutiny on early release of super

Our KMT Winter Edition Newsletter 2020 is ready. Highlights in this edition: ATO FLAGS CONCERNS WITH COVID-19 - The ATO is concerned about tax avoidance with COVID-19 early access to super. RECENT CHANGES FOR SMSF - The contribution acceptance rules have now been relaxed. PENSION PLANNING - With...

Super guarantee amnesty

The super guarantee (SG) amnesty is now official. Under the amnesty, employers have a 6-month window until 7 September this year to disclose, lodge and pay unpaid SG amounts for their employees. To be eligible for the amnesty, you must declare and pay your SG shortfalls...