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 your Catch Up Concessional (tax deductible) Contributions
The 2019/2020 financial year introduced a new rule that allowed individuals to make “catch-up” concessional contributions to super. Under this rule unused amounts under the annual cap could be carried forward into future years. This is an important change as concessional contributions used to be a “use it or lose it” tax concession. The only caveat is that you must have a superannuation balance of less than $500,000 at the end of the previous financial year.
The annual concessional contribution limit has now increased to $27,500 (from $25,000) making this strategy even more appealing.
You can easily check your carried forward balance through your ATO portal via your myGov account. Engaging a qualified Financial Advisor can help to ensure you have an appropriate strategy to make the most of these generous tax concessions and are boosting your superannuation balance in the most effective way.
“Whether you are talking Stocks or Socks, I like buying quality merchandise, when it is marked down.” – Warren Buffett
