Category: Blog
Updates to Legacy Retirement Products and SMSFs
Recent legislative changes now allow individuals to exit certain legacy retirement products over a five-year period, starting from 7 December 2024. These updates apply to legacy retirement products held with any superannuation provider, including APRA-regulated super funds and self-managed super ..Read More
Meaning of employee for super guarantee purposes
The Australian Taxation Office (ATO) has recently released a draft update to Taxation Ruling TR 2023/4, which includes retrospective changes to its guidelines on determining when an individual qualifies as an “employee” for Pay As You Go (PAYG) withholding purposes. This draft update int..Read More
Changes to NALI for SMSFs
The ATO says changes to the non-arm's length income (NALI) are now law and take effect from 1 July 2024. The new NALI rules for non-arm's length expenses apply to both SMSFs and small APRA-regulated funds with 6 or fewer members. The changes: limit the amount of NALI arising from a non-arm..Read More
ASIC Fee Increases Effective 1 July 2024
Starting 1 July 2024, ASIC will implement increased fees for various company-related services, which will remain effective until 30 June 2025. These adjustments will impact company registration, name reservation, name changes, annual review fees, and deregistration, among others. Company Registra..Read More
Maximize Your Retirement Savings: 2024/25 Superannuation thresholds Update
Welcome to the latest update on superannuation contribution caps for the 2024/25 financial year! Staying ahead of these changes is crucial for anyone planning their retirement strategy. Let's dive into the recent updates and understand how they can benefit your financial future. 1. Concessional C..Read More
Prepare to submit your SMSF Annual Return (SAR) by the deadline of 15 May.
Is your Self-Managed Super Fund's (SMSF) SAR for this financial year due by 15 May? It's crucial to appoint an auditor at least 45 days prior to ensure compliance with the May deadline. In readiness for submission, it's imperative to: Conduct a market valuation of all your assets Prepar..Read More
New Superannuation Contribution Caps from 1 July 2024
The caps for concessional and non-concessional contributions are set to increase starting July 1, 2024, as outlined below: The cap for concessional contributions will rise from $27,500 to $30,000. Non-concessional contributions will see an increase from $110,000 to $120,000. The maximum n..Read More
Simplifying SMSF Setup and Ensuring Ongoing Compliance for Strategic Indian Investments
iCare Super is your dedicated partner in streamlining the establishment of Self-Managed Superannuation Funds (SMSFs) and ensuring ongoing compliance for strategic investments in the dynamic Indian market. Our specialized services are tailored to guide clients seamlessly through the SMSF setup proces..Read More
Based on the ATO's latest statistics on the self-managed super fund (SMSF) sector, as of September 30, 2023, there are 611,961 SMSFs. The total membership of SMSFs amounts to 1,142,957 individuals. The collective estimated assets of SMSFs reach $884.6 billion. The primary asset types wi..Read More
ASIC announces its 2024 enforcement priorities regarding Superannuation and Financial Planning
ASIC has announced 12 new priorities for 2024 as well as six "enduring priorities". Two new priorities have been added in relation to the superannuation industry, including a focus on member services failures and misconduct relating to the erosion of superannuation balances. New priorities re..Read More