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 […]

Labor Government Proposes Changes to Tax Rates on Super Balances Above $3 Million

The Labor government has proposed changes to the tax rates on superannuation balances above $3 million. The changes, which were announced today by Treasurer, would see those with high superannuation balances pay a higher tax rate on their earnings. Under the proposed changes, those with super balances above $3 million would be subject to a […]

Changes to Superannuation Tax Rates for Large Super Balances

The Labor government has announced a change to tax concessions within super. This takes the form of a 30% tax on earnings made in super for Members with a Total Super Balance above $3 Million – up from 15%. This introduces an additional tier in earnings tax similar to the one introduced previously for contributions […]

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. […]