Superannuation & SMSFs
Reading Room - Superannuation & SMSFs
The ATO has warned trustees of SMSFs about sloppy valuation practices. For trustees of SMSFs, where asset values are consistently reported at the same value, your SMSF may be flagged for closer scrutiny.
From 1 July 2024, the amount you can contribute to superannuation will increase from $27,500 to $30,000 for concessional super contributions and from $110,000 to $120,000 for non-concessional contributions.
An SMSF can invest in property development if trustees ensure the investment complies with the rules. And, there are a lot of rules. We look at the pros, cons and problems that often occur.
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
When you have a Pension account, every financial year you need to withdraw a minimum amount. The amount is set by the government, is based on your age and increases as you get older.
We summarise the main changes to taxation and superannuation for individuals and businesses from the beginning of the 2022-2023 financial year.
The number one reason for diversifying is that it lowers your overall risk. The more you spread your assets out, the less likely it is that a single event will negatively impact your portfolio.
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