Important SMSF Updates for the 2024 Financial Year

Important SMSF Updates for the 2024 Financial Year Self-Managed Superannuation Funds (SMSFs) continue to be a popular choice for Australians seeking greater control and flexibility over their retirement savings. As we approach the year 2024, there are several significant updates and changes in store for SMSFs. These updates aim to improve the SMSF landscape, ensuring […]

SMSF Financial Advice Changes

Recently ASIC released a set of updated guidelines on the provision of SMSF advice from financial advisers. Previously, ASIC guidelines included a reference to a $500,000 minimum threshold before setting up an SMSF. The updated guidelines have since removed this recommendation. This updated guidance was welcomed by the SMSF industry and groups such as the […]

Licensing and Advice Issues

Following the submission of the Quality of Advice Report, the government will find it hard to find a balance between the competing interests of groups that want a more lenient regulatory structure and those who expect the opposite position. Unless a review for the regulatory settings are completed, issue will continue to persist in 2023. […]

Indexation of the caps and potential policy changes

Indexation for the general transfer balance cap and the contribution cap is based on the CPI figure for the December quarter. The Concessional Contribution cap for the 2022 financial year and onwards is $27,500. The Non-concessional Contribution cap  for the 2022 financial year is $110,000. For more information about contribution caps, please see our page. […]

SuperStream

From 1 October 2021, SMSFs will need to comply with the SuperStream rules when processing rollovers into or out of the SMSF. SuperStream is a standard for processing data and payments electronically within the superannuation industry. SMSFs are required to process rollovers within three business days of receiving the rollover or transfer request. To use […]