Super - Page 2 of 2 - Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

Super Contributions rules for 2016/17

Mast3R

0 Comment

Super

The government announced significant amendments to Australia’s superannuation rules in this year’s Federal Budget, but the majority of proposed changes will not apply for the 2016/2017 year. Superannuation contributions are divided into two categories; concessional (before-tax) and non-concessional (after-tax). Both types of super contributions are subject to a contributions cap. A contributions cap is a […]
Jan 01

Government passes ‘fairer’ super changes

Mast3R

0 Comment

Super

The Australian Government has recently passed what it is calling the ‘most comprehensive suite of superannuation reforms in a decade.’ The reforms include the introduction of a $1.6 million transfer balance cap, which places a limit on the amount an individual can transfer into the tax- free earnings retirement phase and the introduction of the Low […]
Jan 01

ATO releases new Taxation Determination

Mast3R

0 Comment

Super

The ATO has provided further guidance regarding limited recourse borrowing arrangements (LRBAs) and when non-arm’s length income (NALI) rules apply to a related party LRBA. The Tax Office recently released a Taxation Determination (TD 2016/16) and updated its Practical Compliance Guideline (PCG 2016/5) to provide further clarification concerning the circumstances where a self-managed super fund (SMSF) […]
Jan 01

Adding children to a Super fund

Mast3R

0 Comment

Super

There are financial benefits to including children in a super fund, such as the increased pool of assets created over time that can allow for a greater diversification of assets. Parents may also choose to invite their children to join their super fund as it allows them to provide their children with a financial education on […]
Jan 01

Benefits of franking credits

Mast3R

0 Comment

Super

Dividend franking turns 30 in 2017. Despite this, many are unfamiliar with the benefits franking credits can bring, especially to SMSFs. SMSF trustees who invest in Australian shares can benefit from franking credit refunds which can offset the fund’s expenses, such as tax payable. A franking credit, also known as an imputation credit, is the amount […]
Jan 01

Federal Budget: Super shake-up

Mast3R

0 Comment

Super

This year’s Federal Budget saw a raft of changes to superannuation with introduced measures intended to improve the sustainability and integrity of Australia’s superannuation system. The following measures were announced, including: Introducing a $1.6m transfer balance cap There will be a $1.6 million superannuation transfer balance cap on the total amount of super that individuals can […]