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Superannuation

Self Managed Superannuation- Obligations of Trustees – Update

Thumbnail image for Self Managed Superannuation- Obligations of Trustees – Update by 6 February 2012

The Administrative Appeals Tribunal recently handed down a decision that will make every trustee of a self managed super fund sit up and take notice, particularly those funds that have been set up with a husband and wife as trustees. The decision was based upon a husband and wife who had a self managed superannuation fund together and who, after [...]

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Superannuation Guarantee Increases 2013 to 2019

Thumbnail image for Superannuation Guarantee Increases 2013 to 2019 by Gavin Bateman 10 November 2011

The Superannuation Guarantee (Administration) Amendment Bill 2011 was recently introduced into Parliament. In accordance with the Government’s announcement back in May last year, the level of Superannuation Guarantee contributions required to be paid by employers to employees will gradually increase from 9% to 12%. In addition to rising the rate of compulsory superannuation, the Bill also proposes to raise the [...]

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Super Contribution Penalties Reviewed

by 18 May 2011

According to the Australian Tax Office more than 65,000 tax payers have been identified to have breached the self managed superannuation fund contribution caps for the 2010 financial year and it is expected that more will be caught. Figures from last year indicate that there were 28,000 breaches. This increase indicates that many Australians are unaware of how to avoid [...]

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Women Need to Make Most of Self Managed Superannuation

by Kara Peachey 17 May 2011

A recent study has shown that women on average have approximately $200,000 less in superannuation savings than men. According to the study, the impact of maternity leave and part- time employment after women have children affects their career progression and earning capacity. But none of this is news. What is interesting however, is the fact that women are not taking [...]

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Family Law Superannuation Splitting – Property In SMSF

by 30 March 2011

A common problem in Family Law Superannuation Splitting is how to split an interest in a self managed superannuation fund (SMSF) where the fund owns a commercial property. The husband and wife own a self managed superannuation fund (SMSF). The SMSF holds a business real property worth around $400,000 and some cash of about $1,000. The husband’s business (a company) [...]

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Top 10 Biggest Mistakes Made By SMSF’s.

by Kara Peachey 21 March 2011

1.  Drawing on Self Managed Super Funds during times of financial hardship Superannuation Laws set out strict guidelines for SMSF’s lending or giving money to assist members and their families during times of financial hardship. There are also strict laws relating to ‘related party assets’ which includes business’ that are owned or operated by SMSF members. Superannuation Law dictates that [...]

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Self Managed Superannuation For Younger Australians

by 4 March 2011

The governments review into Australia’s superannuation regime, nicknamed ‘The Cooper Review’ revealed some interesting statistics about members of self managed superannuation funds or ‘DIY’ funds. According to the report, Australians between the ages of 35 and 60 are at their ‘peak’ earning capacity, yet only a small percentage of those who have set up their own super funds are under [...]

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