Along with a raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
Don’t Forget Catch up Concessional Contributions (CUCC).
-No one has control over movements in financial markets.
However superannuants do have a significant degree of control over what they contribute to their superannuation.
-CUCC is a relatively new amendment to Australian superannuation rules.
-Under the old superannuation Concessional Contribution (CC) rules it was a use it or lose it in that particular financial year.
-However the new CUCC rule has made contribution strategies far more flexible.
Under the new rules unused CC can be carried forward for a maximum of 5 years form 1 July 2018 & contributed as CC as long as the members superannuation balance is under $500k as at 30 June of the previous financial year.
So some superannuants that may have been ineligible to use CC as at 1 July 2021 under this rule, may be able to use it if the market value of the members superannuation has fallen falls below $500k as at 30 June 2022.
It’s not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change – Charles Darwin
