Maximise the potential of your self-managed super.
Economic conditions fluctuate and the rules of superannuation are always changing. It’s vitally important to keep on top of the market if you’re going to make the most of self-managed super. Camphin Boston provides exceptional accounts preparation, audit and technical compliance advice to people with a single fund straight through to professional service providers who administer multiple funds.
: If you are under 65, you can make both employer and personal contributions.
If you are between 65 and 74, you are entitled to make employer and personal contributions only if you meet certain work tests.
Under current legislation, you can begin accessing your superannuation benefit via a Transition to Retirement Income Stream (TRIS) once you reach preservation age (currently 55). Alternatively, you can commence a pension:
You could be entitled to access benefits earlier if you are permanently incapacitated, suffer severe financial hardship, or on other compassionate grounds. If you begin a TRIS or accounts-based pension as soon as you are eligible, you may be able to reduce capital gains tax within the super fund or as part of a personal minimisation strategy.
There are a number of different reasons why people decide to manage their own super funds.
Yes! But there are strict rules surrounding money borrowed from an SMSF to acquire assets. Always seek professional advice before going down this road. For instance, your SMSF can only borrow to acquire assets that it would be otherwise allowed to acquire. So, in some cases, your SMSF could borrow money to acquire the member’s business premises. Be careful, though, as SMSF cannot use the borrowings to improve the property i.e. extensions or renovations.
In order to be a complying superannuation fund and continue to be taxed at 15%, the central management and control of the fund must remain in Australia. Careful planning is required before moving overseas to ensure that your non-resident status will not result in your fund being taxed at the highest rate. Power of attorney and other strategies exist to protect your member balance from excessive tax.