Are you SUPER ready?
30 June Countdown
With David Barker
TAX FREE EARNINGS IN SUPERANNUATION
PENSION DRAWDOWN PRIOR TO 30 JUNE
To maintain your tax free earning on investments within superannuation, you must ensure the minimum pension requirements are met each year.
For those with Self-Managed Superannuation Funds, you can refer to your 2020 financial year covering letter for your minimum drawdowns.
If you are unsure whether you have made your minimum, or have not got your 2020 accounts finalised yet, you will need to discuss with myself, or Lepapa.
Please refer to the ATO for more information on tax free pension drawdowns.
SUPERANNUATION CONTRIBUTIONS CUT OFF
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TIME IS RUNNING OUT TO CLAIM EXTRA TAX DEDUCTIONS
If you are intending on making one off superannuation contributions to your superannuation fund, you need to ensure that these are RECEIVED by your fund prior to 30 June.
A reminder, the current annual limit is $25,000 per person, INCLUDING any superannuation guarantee from your employer.
Those who have a Total Superannuation Balance of less than $500,000 from the previous 30 June can catch up unused caps from previous years (back to 2019 financial year) allowing for potential one off tax deductions.
Your contributions caps, total superannuation balance and catch-up contributions can be accessed via your MyGov account.
2021-2022 MINIMUM PENSION REDUCTION
The Government announced on the weekend an extension of the minimum pension reduction for another year.
Those planning income and drawdowns for next financial year expect similar drawdown levels to this financial year.
SMSF & CRYPTOCURRENCY
With increased activity and popularity around Cryptocurrency & non-fungible tokens (NFT). You might be wondering if you can use your superannuation to invest?
Cryptocurrency is a high risk and volatile investment, and fast gaining popularity in SMSFs. There are regulatory considerations for SMSF trustees & members, to ensure that your auditor can successfully ensure you fund complies.
SMSF trustees and members need to be aware of the reporting and documentation requirements before investing in digital assets within their SMSF, the impact it may make on their investment strategy, and potentially increased compliance costs in ensuring evidence is obtained and reported to your auditor each year.
Please contact me to discuss in more detail.
Contact the SMSF team
This information is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.