Superannuation Articles

Contents Basic Considerations for a Member Voluntarily Commuting an Income Stream   The Requirements to Voluntarily Commute an Income Stream  Mandatory Commutation Imposed on the Superannuation Fund    Basic Considerations for a Member Voluntarily Commuting an Income...

Contents What is Total Superannuation Balance? How is Total Superannuation Balance Calculated? Strategies to Manage Total Superannuation Balance What is Total Superannuation Balance? Total superannuation balance is the method used to value an individual’s total...

Contents The bring forward rule for non concessional contributions What is total super balance? Tax planning opportunities associated with the bring forward rule Exceeding the non concessional contributions cap The bring forward rule for non concessional contributions...

Contents What is the transfer balance cap? What is a retirement phase account? What is an individual’s transfer balance limit? What is a transfer balance account and what role does it play? Transfer balance credits Transfer balance debits Excess transfer balance tax...

Contents Minimum standards applicable to an income stream Tax outcomes When does the income stream end? Super fund compliance requirements When a superannuation fund member satisfies a condition of release such as retirement, they may start to make withdrawals by lump...

A superannuation fund that is a complying superannuation fund will be taxed under the regime primarily contained in Division 295 of the Income Tax Assessment Act 1997 (ITAA 1997).Requirements of a complying super fund A complying superannuation fund is a...

Contents Taxation of death benefits to dependant Taxation of death benefits to non dependant Death benefits paid to trustee of deceased estate Issues related to the transfer balance cap A superannuation death benefit is a payment from a super fund to a person or to a...

Contents Eligibility and conditions FHSS determination Failure by individual to enter into contract to purchase or construct a home The First Home Super Saver Scheme (FHSS Scheme) was launched to help individuals save for their first home by allowing them to build up...

What is a super fund?A superannuation fund is a type of trust designed to provide retirement or death benefits for its members, and those members are the beneficiaries. The trust deed and the operation of the super fund needs to comply with the SIS Act and...

What is ordinary time earnings?OTE is the amount paid to employees for their ordinary hours of work. OTE includes payments such as commissions and shift loadings. Employers use: Ordinary time earnings (OTE) to work out the minimum super guarantee contribution for...

Contents Types of super contributions Low income super tax offset Tax on super contributions Super contribution caps Making extra superannuation contributions is a great way to boost your retirement savings. Even small amounts add up over time and it can also reduce...

Contents What is a Departing Australia Superannuation Payment (DASP)? DASP eligibility Finding your superannuation Application process for DASPS Handling additional contributions Specific cases of unclaimed money payments as DASPS DASP withholding tax Taxation of...

Contents Who is an employee for SGC purposes? Ordinary time earnings SGC requirements How to calculate SGC Late payments Penalties for non compliance The superannuation guarantee charge (SGC) is applied where an employer fails to meet super guarantee obligations...

Contents Retirement Turning 65 Death Terminal medical condition Permanent and temporary incapacity Severe financial hardship Compassionate grounds Post-preservation age, non-commutable income stream Termination of employment First home super saver scheme (FHSS) For...

Contents Super lump sums Components of a super lump sum Working out the withholding amount Rollovers Table A: Withholding rates for super lump sums Preservation age Super lump sums A super lump sum payment includes a: lump sum member benefit paid to an individual...

Superannuation rules seem to change regularly. If you are an SMSF trustee, you should be aware of these changes. Here’s what you need to know.