SMSF Lending Specialist lending solutions for Self-Managed Super Funds, including Residential and Commercial Borro welcomes a collaborative discussion to ensure your lending decisions align with broader tax, superannuation

self-confessed numbers person Marisa loves helping individuals and business owners make sense of their super She is currently knocking the firm’s CLASS super software system into shape, preparing super fund accounts “I like keeping the super funds processed and all updated to give each client a clear picture of a point

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund When you die, your super is directed to the person you nominate. Who can receive your superannuation? Whether or not the beneficiaries of your superannuation pay tax depends on who the superannuation was If your superannuation is paid as a lump sum to a tax dependant, the superannuation is tax-free.

Expert guidance enables taxpayers to maximise savings through strategies like super contributions and

From 1 January those aged 55 and over can make a ‘downsizer’ contribution to super Downsizer contributions are an excellent way to get money into superannuation quickly. You provide your super fund with the Downsizer contribution into super form (NAT 75073) either before You have not previously made a downsizer contribution to super from the sale of another home or from How to contact us We’re available to assist you with tax planning and superannuation compliance.

Bolstering superannuation  If growing your superannuation is a strategy you are pursuing, and your total superannuation balance allows it, you could make a one-off deductible contribution to your superannuation This cap includes superannuation guarantee paid by your employer, amounts you have salary sacrificed into super and any amounts you have contributed personally that will be claimed as a tax deduction. For those aged between 67 and 74, you can only claim a deduction on a personal contribution to super

What happens to your superannuation in a divorce?  It’s important to be aware however that superannuation cannot be paid directly to a spouse unless the This is particularly important where your superannuation fund holds property.  If your partner earns less than you, there is a very real financial benefit to topping up their super as superannuation has preferential tax rates. 

A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5% $450 super into effect that may treat some unpaid distributions as loans and trigger tax consequences Individuals Superannuation 10.5% Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions) Age for downsizer super contributions reduced to 60 years and older Value of voluntary super contributions that can be withdrawn

Division 296 tax, which imposes a 30% tax rate on future earnings for superannuation balances above Tax and super changes  Foreign resident capital gains withholding changes on sale of property  One of Superannuation rate increases to 12%  The Superannuation Guarantee (SG) rate will rise from 11.5% to Super on Paid Parental Leave  From 1 July 2025, superannuation will be paid on Paid Parental Leave payments their PPL payments), as a contribution to their superannuation fund. 

Those with large superannuation balances will be disappointed that the 30% tax on super earnings on balances

Superannuation Legislation enabling the proposed Division 296 tax on superannuation balances above $3m In addition, the Senator tied his support for the tax to a “prohibition for super funds to borrow to July 2025, if enacted, Division 296 will increase the headline tax rate to 30% for earnings on total superannuation

Top up your super — You can claim a deduction for contributions you personally make to super from after-tax You need to lodge a notice of intent to claim with your super fund. See below for super strategies.