Redwood Advisory SMSF
The superannuation contributions caps for concessional and non-concessional contributions will remain the same for the 2026 financial year. The Superannuation Guarantee Charge (SGC) rate will increase to 12% Concessional Contributions From 1 July 2025, concessional contributions will remain at $30,000. In order to claim a tax deduction for a concessional contribution it is important…
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Great news this month! The Reserve Bank of Australia has finally decided to give our wallets a little breather and cut the official cash rate by 0.25%, bringing it down to 3.85%. Cue the collective sigh of relief from mortgage holders everywhere! We look forward to your lender passing on these cuts to your mortgage.…
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You guessed it, another tax! This time the government is looking to tax unrealised gains – Yes – they will tax you on imaginary future profits, it doesn’t matter if you actually made money – the government will slap your fund with a 30% tax NOW! The idea of taxing superannuation balances above $3 million…
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In the Self-Managed Superannuation Funds (SMSF) world, valuing assets at “market value” has always been essential to reflect the real value of the fund. However, recent scrutiny from the Australian Taxation Office (ATO) has brought this issue to the forefront of discussions within the SMSF community. The ATO has raised concerns about SMSF’s consistently reporting…
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The superannuation contributions caps for concessional and non-concessional contributions will increase on 01/07/2024 which is the start of the 2025 financial year. The government has announced these latest figures in an effort to keep up with the cost of living crisis including rising inflation and increases in the super guarantee charge (“SGC”) rate to 11.5%.…
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One of the key strategies of SMSF is to invest in direct property. While some SMSFs may have sufficient funds to purchase a property in cash, many others, particularly those with a younger demographic, have chosen to use a loan to purchase their property. There are two methods to secure a loan either through a…
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SMSFs need to be aware of a key requirement of running an SMSF – you cannot withdraw from your fund unless you meet a condition of release. Funds can be withdrawn from superannuation accidentally (i.e. transfer from internal accounts) or intentionally due to many financial pressures such as financial distress. The Australian Tax Office (“ATO”)…
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Everyone has different goals in life. But whatever your goals, getting advice from a qualified financial adviser will help you articulate your plan and can help you achieve your goals – soon. It’s not just about planning for the future either. A financial adviser can help adjust your current situation as well as preparing you…
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One of the most important financial decisions is what to do with your hard earned superannuation and with 1.1 million Australians choosing a SMSF its certainly a buzz word for discussion for many particularly with the impact of covid during 2020 and 2021. Before you set up an SMSF, Redwood would like to outline some…
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From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be able to have up to six members – increasing from the current maximum of four members. Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 received royal assent on 22 June 2021. It is not just a matter of adding…
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