Redwood Advisory SMSF
The government introduced a director ID as a means to prevent false and fraudulent use of a director’s identity and to support regulators and external administrators to track directors across various companies to identify and prevent illegal activities. This applies to all ASIC registered companies. From the 5th April 2022 all directors of a company need a…
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It’s usually June where SMSF members are going crazy trying to think about tax minimisation strategies from salary sacrifice to voluntary contributions and carry forward contributions. However, July is a prefer time to plan ahead and avoid the stress of June deadlines. Salary sacrifice Its important to note that the contribution cap has been increased…
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The May 2026 Federal Budget did not bring major direct changes to superannuation, but it did shake up the tax system overall with the biggest changes since the Keating years. In relation to Self Managed Superannuation Funds (“SMSFs) the announcements were rather positive as the Div296 taxes were already introduced. The fallout from the announcement…
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For the last few years the government has been pushing SuperStream and other reforms as a way for members to easily “super switch”. That is, you can leave one fund and join another in a much more seamless way than before. The Australian Taxation Office has been a key driver of this, with initiatives like…
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From 1 July 2026, the way super gets paid is changing. No more waiting until the end of the quarter. No more 28-day grace periods. Super will now be paid at the same time as wages. What’s Actually Changing? Under the new rules, employers must pay Super Guarantee (SG) at the same time as wages.…
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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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During the COVID period, a popular SMSF strategy was to find a new expensive hobby and make your childhood dream and buy a classic car in your SMSF. A classic or collectable vehicle is classified by the ATO as a ‘collectable or personal use asset’. These also include precious metals, boats, wine and jewellery.…
read moreThis is a testing time for all of us, something none of us can say we have seen – the most challenging time economically since the great depression and since wartime. This crisis is having a major impact on our economy and our retirement as well as our health creating fear and anxiety from an…
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