A media release on the site of SMSF Professionals’ Association of Australia (SPAA) asserts why it is important for the SMSF trustees to understand the in-house asset rules profoundly and what exactly the rules are.
Author: Alan Preston Archives
Super Contribution Caps Changed on 1 July
Exceeding the upper ceiling for super contributions can attract penalty. It is not the first time that somebody is saying this. On the morning of 1 July, the caps changed both for concessional and non-concessional contributions. For at least some time, the super contribution caps are expected to stay where they are.
Advantages and Disadvantages of Self-Managed Super Funds
Like anything else on this planet, self-managed Super funds, too, are not meant for everyone. For starters, there is a need to have close to formidable amount of money in your kitty. Also, you need to have the acumen to manage your affairs yourself; hence, the term ‘Self-managed’. With this said, the popularity of SMSF is enough evidence of the fact that it has got plenty of benefits. Let us go through the advantages and disadvantages of self-managed Super funds.
How SuperStream Can Ease Transfer of Contributions
To ensure large-scale management of Super contributions, the government came up with a reform package titled SuperStream. Put simply, from 1st of July 2014, any employer with 20 or more employees will need to make all the contributions electronically. You’ll have until 1 July 2015 to fully comply.
Super Insurance Must Observe SIS Regulation
There is a school of thought which is in favour of keeping life insurance outside Super. It talks about the adverse impact of funding premiums with Super. To add, it talks about inadequate coverage (case in point being Trauma Insurance) and the legalities of the Binding Death Nomination which can make payment claim a long-drawn out process.
Changes in Super Contribution Caps – August 2014
You know the grind if you exceed the upper ceiling on your Super contributions. This is probably why you will be none the poorer knowing where you exactly stand. The sun rose on the first of July this year, changing, for at least the foreseeable future, the super contribution caps.
