On 1 July 2021, both the concessional and non-concessional superannuation contribution limits, also known as ‘super contribution caps’, will rise. This is good news because this is the first time these limits have changed since 1 July 2017, when the concessional contributions cap was reduced to $25,000 pa for the 2017/2018 financial year and onwards. Since that time, the non-concessional contribution cap hasn’t changed either, currently $100,000 pa. What are Concessional contributions? These are super contributions made by your employer, from your pre-tax income (salary sacrifice contribution) or contributions for which you claim a tax deduction. They are generally taxed...
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The potential increase in members from four to six a in self-managed fund has led to many to consider about whether it is worthwhile to have children as members of the parents’ or ‘family’ SMSF. The options are: should the kids join the fund, have their own, or go elsewhere to an industry or retail fund. Let’s face it, on the positive side SMSFs are a good way of building retirement wealth and if done properly can boost the financial literacy of all members regardless of age – so why not have one exclusively for the whole family? Pros and...
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