Superannuation - An Update
It all begins with an idea.
There have been a few developments in this area recently, and below is a summary of some of the key points.
Additional Tax on Superannuation Balances Exceeding $3 Million (Division 296 tax)
The final sitting of parliament prior to this year’s federal election has ended, and this legislation remains stuck in the Senate because the government could not garner support from the cross benchers. Therefore, nothing will happen with this proposal until after the election.
Increase in Superannuation Transfer Balance Cap (tax free amount on superannuation balance)
After adjusting for CPI, the maximum tax free amount that you can have in superannuation for the 2025 – 2026 year will increase from $1.9 million to $2.0 million.
There has not been any announcements yet on changes to the superannuation contribution caps. At present, the concessional (tax deductible) contribution limit is $30,000 p.a., and the non-concessional (non-tax deductible) contribution limit is $120,000 p.a.
SMSFs Investing in Properties
If you have a self managed superannuation fund (SMSF) that invests in properties, be they commercial or residential, the ATO requires that these properties be revalued each year.
While the ATO prefers the revaluation to be conducted by a registered valuer, this is not an actual requirement. Revaluations can be completed by someone who does not have formal valuation qualifications, but who has specific knowledge or experience in that particular area, and the revaluation is objective and is supported by verifiable data (e.g. a local real estate agent).
Reach out to us if you have any questions with the above update.
Blog Post Title Two
It all begins with an idea.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.
Blog Post Title Three
It all begins with an idea.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.
Blog Post Title Four
It all begins with an idea.
It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.
Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.