If the May 2016 Super Changes proceed and the $500,000 lifetime non-concessional contribution cap becomes a reality, then it will be vital to know a taxpayer’s non-concessional contribution balance (“NCC balance”).
superannuation
Budget 2016 Super Changes
While the Government or, some elements of the Government, may be rethinking the proposed Super Changes announced in the May 2016 Budget, it should be noted that, to date, there has been no official statement as to whether there will be changes and, if so, what changes they will be.
Accountants and SMSF Advice – the current position
Since 1 July 2016, only individuals who are authorised under the Corporations Act can provide financial advice in relation to self managed superannuation funds.
Family trust as the new SMSF?
Have the ‘ScoMo’ changes (which now seem likely to be implemented – subject to one or two minor changes) amounted to the demise of SMSFs as the preferred private wealth investment vehicle? Possibly this view is overstating the situation. Tax deductible contributions can only be made to superannuation funds: they cannot be made to family […]
Average Australian keeps job for three years and four months; has 17 jobs until retirement
The average Australian now will keep their job for three years and four months and have 17 jobs until retirement. That’s 56 years working and making Australian businesses and the economy one of the most resilient in the developed world. However, the mean superannuation balance at age 65 for males is $252,536 and females is […]
Holding personal shares? May be a good time to contribute them to your superannuation
The last twelve months have not been the nicest to share investors. The Australian All Ordinaries is down 5.1%. Finance sector stocks are down around 7.2%. Metals and mining sector stocks are down on average 19.2% for the year. However, this may present a smart opportunity for investors nearing retirement in the next five years. […]
SISFA’s 2011 submission finds favour in 2016 Budget
SISFA would like to thank the Minister for adopting many of the superannuation measures detailed in our earlier submission of 5 February 2016 SISFA welcomes the announcement of key measures in the Treasurer’s Budget speech of 3 May 2016 that were an integral part of our submission in September 2011 to the Minister for Financial […]
Don’t panic! Change to superannuation is here to stay
What is clear from this week’s Federal Budget (and Labor’s response) is that no Government plans to leave superannuation untouched. The real work now is to look at what this means for current and future retirement plans.