August 2023
There have been numerous changes to the super contribution rules over the last few years. The following is a refresher for the rules that apply for the two most common Contribution types.
The following table will help you to understand the rules that apply this year.
Please speak to us if you’re interested in growing your retirement savings, or you would like to clarify the administrative requirements for these contribution types and the tax savings available to you.
We’ll cover some other Special Purpose contributions in a future article.
There has been a lot of media coverage recently about investment scams and I’m sure you’ve received emails and text messages asking for personal details or to click on a link.
It is important to think before you respond. If you have any doubts at all make a phone call to the institution concerned (using a publicly listed phone number) to confirm if it is legitimate.
If you receive an unprompted call from someone, don’t provide personal information over the phone and be suspicious if they ask for access to your computer, want you to make a fast decision or they have offered something that seems too good to be true.
Make a habit of regularly checking bank and credit card activity so that any problems are identified as soon as possible.
Prior to making any payments online confirm that the account number is correct with the business and if you have any suspicions call your bank straight away.
Both MoneySmart and the Australian Taxation Office have information available to help protect you from scammers. Search ‘scams’ on the following websites:
Minimum pension amounts required to be withdrawn for the year ended 30 June 2024 have returned to pre-COVID percentages from 1 July 2023. The percentage that applies is based on the recipient’s age at 1 July 2023 as per the following table.
For all SMSF trustees, cash will need to be available to meet these requirements prior to 30 June 2024.
If you’d like to discuss your investment strategy and how you can best meet these cash requirements, please contact us.
From 1 July 2023 the Taxation Office has increased the administrative penalties that apply to SMSFs that have breached the superannuation rules.
This FocusOn details the Penalty Regime that is in place and how it applies to trustees. It also details the penalties that may apply for different types of breaches.
If you have any questions please contact our Self Managed Superannuation Director Marie Ickeringill.
Saward Dawson acknowledges the Traditional Custodians of the land on which we work and we pay our respects to Elders past and present.
Level 1, 20 Albert Street, Blackburn VIC 3130
PO Box 1212, Blackburn North VIC 3130
contact@sawarddawson.com.au | +61 3 9894 2500
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