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 to use your Concessional Contribution / Salary Sacrifice Catch Up Contributions.
If your total super balance is less than $500,000 on the previous 30 June and you make or receive concessional contributions of less than the concessional contributions cap of $27,500 pa (since 01/07/21 – previously $25,000), you will be able to accrue unused amounts for use in subsequent financial years. Unused cap amounts can be carried forward for up to five years.
What are the benefits?
- Greater flexibility to make concessional contributions which may be helpful even if you have broken work patterns, or were unable to contribute in a particular year.
- If your salary has increased and you have moved to a higher marginal tax rate, the benefit of making catch-up concessional contributions will provide a larger tax benefit.
- If you are selling an asset or assets that generate assessable capital gains, the larger accrued catch up concessional contribution will help offset any capital gains tax.
Make an appointment with your Financial Adviser, to see how this can work for you.
“It is not the strongest of the species that survives, nor the most intelligent, but the most responsive to change.” – Charles Darwin