ESV – Business advisors and accountants sydney — Superannuation Archives - ESV

Delayed super plan now back on the table

Treasurer Jim Chalmers has confirmed that the Federal government will proceed with its plan to increase the tax rate on superannuation earnings for balances exceeding $3 million

SMSF & LRBA (Limited Recourse Borrowing Arrangements)

To the quarter ended June 2024, the Australian Prudential Regulation Authority (APRA) has determined that the total value of superannuation assets to be $3.92 trillion with just shy of $1 trillion in assets held by Self Managed-Superannuation Funds (SMSF).

Valuations and SMSF’s – What’s all the fuss about?

Trustees of SMSF’s could be forgiven in thinking that the rules concerning valuation of assets held by the fund was only required every 3 years when it comes to properties and unlisted investments. This has certainly become the norm from an industry perspective; however, this is not what the regulations proscribe and the ATO are now seeking adherence to the regulations.

Super Caps are up!

From 1 July 2024, both concessional and non-concessional superannuation contributions caps will increase after the Australian Bureau of Statistics reported an increase in Average Weekly Ordinary Time Earnings (AWOTE) in the year to November 2023.

Another Super(annuation) Tax!

The Federal Government has released the draft legislation for the latest tax on Superannuation funds, with the proposed new 15% tax on superannuation fund members with balances more than $3 million in super.

Minimum withdrawals double

Since 1 July 2023, the temporarily reduced superannuation minimum drawdown requirements for account-based pensions have doubled to pre-pandemic withdrawal rates.

EOFY Checklist

With June 30 being just around the corner, we have put together our annual checklist of items to complete and tax planning opportunities to consider as the 2024 financial year begins.

Superannuation consultation paper released

On 31 March Treasury released the consultation paper outlining the approach intended to be adopted when implementing the new tax for individuals with a Total Superannuation Balance (“TSB”) in excess of $3 million.

Is superannuation still super?

Jim Chalmers search for more revenue has begun in earnest with superannuation being the first cab off the rank. Whilst politically pitched as being aimed only at 0.5% of the population, with a fixed Total Superannuation Balance (“TSB”) that percentage will only grow, however, is this a broken election promise?

Superannuation – is another change on the way?

Superannuation and the rules attaching to contributions and withdrawals has long been an area of legislative change. Recently Assistant Treasurer, Stephen Jones at a AFT Wealth and Super Summit, has raised the prospect of more changes.

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Superannuation

Topic filters

Delayed super plan now back on the table

SMSF & LRBA (Limited Recourse Borrowing Arrangements)

Valuations and SMSF’s – What’s all the fuss about?

Super Caps are up!

Another Super(annuation) Tax!

Minimum withdrawals double

EOFY Checklist

Superannuation consultation paper released

Is superannuation still super?

Superannuation – is another change on the way?

Why us

What we do

Who do we help

Work with us

What we think

Working to give back

Contact us

Superannuation

Topic filters

Delayed super plan now back on the table

SMSF & LRBA (Limited Recourse Borrowing Arrangements)

Valuations and SMSF’s – What’s all the fuss about?

Super Caps are up!

Another Super(annuation) Tax!

Minimum withdrawals double

EOFY Checklist

Superannuation consultation paper released

Is superannuation still super?

Superannuation – is another change on the way?

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