Superannuation Reforms Bill Passed

Superannuation Reforms Bill Passed

Superannuation
Both houses have passed the key Bill which gives effect to the much discussed superannuation reforms originally announced in the 2016/17 Federal Budget. This bill contains 10 broad measures to change the taxation and regulation of superannuation to make the system fairer and more sustainable. The majority of measures commence from 1 July 2017 and include: Introducing a $1.6 million transfer balance cap which limits the amount that can be transferred to the retirement phase, where earnings are tax-free. This measure will also apply to death benefit income streams. Reducing the concessional contributions cap to $25,000 for all taxpayers. Introducing a concessional contributions catch-up regime for those with total super balances of less than $500,000 from 1 July 2018. Allowing a deduction for personal contributions without testing the proportion of…
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2017, What Will You Achieve?

2017, What Will You Achieve?

Business, Insurance, Investments, Superannuation, Taxation
If you are wanting your 2017 to have a better outcome than your 2016 and you haven’t started your New Year differently don’t expect to end it differently (although it is not too late to make changes). We are already well over half way through January 2017. What have you done in a different way to what you did in 2016? The new year not only brings a new number to remember when writing the date but it also brings with it opportunities to start afresh, to make a change, set a new goal (make it a little challenging), take a chance or simply improve on what may have been a great 2016. So here at Accession3 we are not going to promise to help you lose weight, have well…
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Lost Super

Lost Super

Superannuation
Would you notice if you lost a couple of hundred dollars out of your wallet? What if each dollar of that was going to be worth $7 in retirement? The ATO has recently released figures which show that the Toowoomba population is the 3rd highest city in the country for “unclaimed super”, with a balance of $45.27 million currently held by the tax office. AFSA has indicated that according to their calculations, every dollar you find and put into your superannuation before age 34 could mean up to seven extra dollars of super savings in retirement. With the constant talk of superannuation investment performance and fees, we think this aspect of investing is all too often ignored, so we are offering to search for your “lost and unclaimed” super today…
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Superannuation Changes – September 2016

Superannuation Changes – September 2016

Superannuation
The Government has provided further clarity on how the proposed bring forward and the $1.6 million eligibility threshold will work. The government has dumped the controversial superannuation $500,000 lifetime non-concessional contribution cap and replaced it with an annual limited of $100,000. An individual under 65 can continue to ‘bring forward’ three years’ non-concessional contributions. Bring-forward Non Concessional Contributions (NCC) – transitional arrangements Where an individual has triggered the bring forward in 2015/16 or 2016/17 but has not used it fully by 30 June 2017, transitional rules will apply. Where an individual triggers the bring forward in 2016/17, the transitional cap is $380,000 (the current annual cap of $180,000 plus $100,000 annual cap in 2017/18 and 2018/19). See examples 1 and 2 in the table. If an individual triggers the bring…
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SMSF Asset Allocation Survey

SMSF Asset Allocation Survey

Superannuation
AMP Limited recently released the results of its SuperConcepts SMSF Investment Patterns Survey for the 12 months ending June 30. This survey highlights the investments decisions made by SMSF Trustees. A summary of the key finding of the report are: Cash increased 1% to 18% Investment in Australian shares fell from 37.1% to 34.5% International share allocations declined 1% to 13.1% Direct and indirect property assets increased from 18.3% to 21.7% The four major banks (CBA, ANZ, NAB, Westpac) and Telstra Corporation Ltd remained the five most commonly held investments. Investment in Equities has fallen, both Domestic and International, while cash has increased along with property. With cash rates at historic lows such swings beggar belief. While we may consider a short-term tactical swing to cash while we anticipate a fall…
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Are You Sitting or Standing When It Comes To Your Retirement Planning?

Are You Sitting or Standing When It Comes To Your Retirement Planning?

Superannuation
Picture yourself at a seminar where the presenter gets the whole group to stand and then asks the following things: Stay standing if you have a super fund Stay standing if you are happy to rely solely on the age pension in your retirement Stay standing if you can tell me the balance of your superannuation fund without looking at your statement. Would you be sitting or standing? For the majority of people, the answer would be sitting, meaning that most people do not see the age pension as sufficient to meet their desired lifestyle needs in retirement, however have no idea what is going on with the key asset that can make their retirement dream a reality. For most people the thought process when it comes to superannuation is…
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Are You Ready For The SuperStream?

Are You Ready For The SuperStream?

Superannuation
The deadline for most employers to meet the Government’s SuperStream requirements are fast approaching. From 1 July 2016, all employers are required to provide contributions and relevant data electronically to all superannuation funds, including SMSFs. This will provide a consistent and more efficient process for receiving contributions, improve data quality and simplify the employer’s obligations. What Is SuperStream? SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner. Before SuperStream, meeting your superannuation requirements was an onerous task with multiple funds to contribute to, each with their own specifications for acting the contributions data and payments. What Date Do I Have To…
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Are You SuperStream Ready?

Are You SuperStream Ready?

Superannuation
We're getting in touch to remind you about the ATO's deadline, and to help make sure you're on track to be compliant. The deadline for being SuperStream compliant varies based on the number of employees you have. If you have 19 or less employees, SuperStream starts from 1 July 2015 and you have until 30 June 2016 to be compliant. If you have 19 or more employees, the deadline has been extended until 31 October 2015. Remember, to meet the ATO's SuperStream requirements, all Regulated Superannuation Funds must have a new identifier - a unique superannuation identifier (USI) - that replaces the previous SPIN. Now's the time to make sure your business is ready. If you have any questions about SuperStream, check out the ATO website or contact our office.
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Don’t Want Your SMSF Paying Tax At 45%

Don’t Want Your SMSF Paying Tax At 45%

Investments, Superannuation
Do you know your role and responsibilities as a Trustee of a Self-Managed Superannuation Fund (SMSF)? Ultimately YOU, the Trustee, are responsible for the judicious management of your SMSF. Previously the incentive to maintain your complying SMSF status was to ensure the fund maintain its favourable concessional tax treatment, however now, added to that are penalties that flow through under the ATO’s penalty regime.  The penalty regime became law from 1 July 2014. For example, if you fail to keep adequate records the minor penalty is $1,700? Are you aware that as a Trustee you may have to pay $10,200 to the ATO if you borrow money from or your Self-Managed Superannuation Fund (SMSF) lends money to a relative? Consequences of non-compliance 1. A change in taxation rates of the fund…
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