Award-winning and with over 30 years’ experience, SuperConcepts is a leading provider of administration, software and education services to the self-managed superannuation sector. Servicing more than 69,000 funds, we are a proven and expert partner for SMSF trustees, advisers and accountants across Australia. See www.superconcepts.com.au.
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A couple can benefit if the person running against the $1.6 million cap on super pension balances contributes to the spouse’s super. It’s worth checking the eligibility requirements and tax offsets.
With the maximum number of members in an SMSF likely to increase from four to six, weigh up the pros and cons when deciding if an increase is in the best interests of all members.
In certain limited circumstances, especially relating to Business Real Property, it is possible for an SMSF to acquire property from a member but check the rules carefully to avoid penalties.
Super contribution changes that took effect on 1 July 2017 and other changes coming in from 1 July 2018 aren’t all negative, leaving opportunities over the next few months to make the necessary adjustments.
SMSF trustees should understand the tax consequences when death benefits include insurance proceeds because it can vary greatly according to circumstances, and these should be planned for in advance.
The implications of the superannuation reforms did not end in 2017, and SMSF trustees should stocktake what they can do, especially focussing on the CGT and the unique definition of retirement for super.
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The latest findings from the SuperConcepts SMSF Investment Patterns Survey revealed a spike in the allocation of lump sum versus pension payments in the first quarter of 2018 – a reversal of trends from previous quarters.
This report, prepared by the SMSF Centre of Excellence, investigates some behavioural factors that contribute to the asset allocation decisions of SMSFs and how they can be overcome.