1. Maximise Concessional Contributions Cap for 2024–25: $30,000 These are pre-tax contributions (e.g. salary sacrifice or personal deductible contributions). They reduce your taxable income and are taxed at 15% in your super fund (often lower than your marginal tax rate). Just remember to Lodge a Notice of Intent form to claim a deduction with your…
Director ID is a new requirement for all directors. All acting directors, alternate directors, and appointed directors of Australian corporations and registered foreign corporations, managed investment schemes and registered charities under the Corporations Act 2001 (Cth) must apply for their director IDs. This includes a director of a corporate trustee of a SMSF. The director…
Continue Reading Preparing for Your Director Identification Number→
There is a lot to do and keep track of at every stage of your fund. Use these checklists to help you manage your fund and meet your SMSF obligations. SMSF Checklist For other SMSF considerations and obligations click here.
📌5 Tips 1. Keep Your Financial Data Organised 2. Immediate Asset Write-Offs 3. Know Your Tax Deductions 4. Top up your voluntary superannuation contributions 5. Look at Loss carry back tax offset Additional tips * Be mindful of cashflow – avoid spending on business assets for the sake of claiming tax deductions. In most cases, you’ll…
This end of financial year is a little different for many…. COVID-19 is having an overwhelming effect on individuals, businesses, and the economy. Among all this uncertainty, we are starting to see people and businesses returning to their usual way of life in a measured manner. Our focus today is on matters we can control,…
Self-managed super fund (SMSF) | ASIC’s MoneySmart Some people want the control that comes with managing their own super, but taking control means being responsible for managing your retirement funds which will involve significant time and effort. SMSFs can be suitable for people with a lot of super and extensive knowledge of financial and legal matters. If…
