If you’re thinking of starting a self managed superannuation fund (an SMSF) in 2023, you need to be aware of the recent changes made by the ATO on fund registration, and the application of the Director ID regime to funds with corporate trustees. Previously, after an SMSF was established and trustees were appointed, the trustees […]
Christmas 2022 Newsletter
Like many of you, we are in disbelief that another year is almost gone. It has been fantastic to have so many face to face appointments again and to help so many clients. This year Venture launched a Centrelink Only service which assists with ongoing maintenance as well as new applications for Age Pension, Commonwealth […]
Income Limit Changes for the Commonwealth Seniors Health Care Card
From 4 November 2022 the income thresholds for the Commonwealth Seniors Health Care Card (CSHC) have been increased, allowing more Australians access to medical and pharmaceutical discounts and concessions. These changes will greatly benefit self-funded retirees who were previously unable to access the benefits of the CSHC. Current CSHC holders will not be affected by […]
ATO and compliance with super laws
When self-managed superannuation fund (SMSF) trustees have not complied with super laws, the ATO has several courses of action in order to deal with the trustees. Education direction When a SMSF trustee has been found to have contravened super laws, the ATO may provide written direction where the trustee must undertake education. The trustee must […]
New superannuation contribution opportunities
Individuals aged 67-74 now have greater opportunity to contribute to super with the following changes: the removal of the work test for personal (after-tax) contributions and salary sacrifice contributions, and an increase to the amount of after-tax contributions that may be made within a single financial year. Removal of work test Prior to 1 July […]