Category: Blog

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

SMSF client to agent linking

For new SMSFs engaging a tax agent, you can submit the SMSF ABN registration form and specifying your tax agent as your representative, eliminating the need to go through the standard client-to-agent linking procedures. For existing SMSFs you'll need to follow the client-agent linking steps i..Read More