When it comes to investing, there is always a certain amount of risk involved. The key to a great investment strategy is to discern how much risk you are willing to take. The risk profile of your superannuation investment strategy should be determined by combining your financial goals and the time frame in which you…
Since superannuation contributions come in several forms, SMSF members would be wise to understand what contributions are available and how they might impact them regarding the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one…
You must make a binding death benefit nomination to maintain control and certainty over who will inherit your superannuation assets after you pass away. Contrary to what you may think, your will does not automatically control the payment of your death benefits. If you do not make a binding death benefit nomination, your super trustee…
SMSFs can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on a business through an SMSF does have restrictions that other businesses do not have, such as entering into credit arrangements or having overdrafts. SMSF trustees…
Superannuation may not be the first thing that springs to mind as a self-employed individual, but just like how looking after your tax and business expenses benefits you, superannuation is an important subject to consider. While you don’t need to pay super to yourself, it might help you feel more secure about your finances during…
Superannuation is an attractive target for scammers as a significant volume of funds are placed into super funds by Australians. You can take some straightforward steps to protect yourself from super scams. Know The Rules Becoming familiar with the rules surrounding superannuation will alert you against scams that make false claims e.g. offering early access…
Superannuation payments need to be made to your employees, otherwise, stringent penalties can be implemented that could be financially more devastating to your business than simply paying their super. Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings (OTE). By 2025, this is predicted to increase to 12%. This…
Have you had a superannuation account opened on your behalf by an employer before November 2021, in which employer contributions were made, that is not your main superannuation fund? Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one…
Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this may have traditionally been the domain of middle-aged, experienced investors with higher fund balances, a new breed of investors is arising. Millennials and Gen Y represent the fastest-growing segment of newly created SMSF…
During the onset of the pandemic in 2020, many Australians took advantage of the early access to their super that was a part of the financial support options offered by the government during COVID-19, and withdrew amounts to assist themselves. If individuals and sole traders had suffered financial hardship of at least 20 per cent…