As the financial year draws to a close, it’s time to get your superannuation funds in order and maximize available strategies. Here’s a checklist of essential tasks to address with your advisers before June 30.
Firstly, timing is crucial. Contributions must reach your super fund by June 30, with some institutions requiring earlier deposits. Pension payments also need to be processed before the deadline to avoid penalties.
Review your Concessional Contributions options, considering the increased cap and upcoming changes to the Super Guarantee rate. Utilize the ‘Unused Carry Forward Concessional Contribution’ limits if eligible to maximize contributions.
For Non-Concessional Contributions, be aware of the increased cap and explore strategies to balance super accounts and optimize pension phase benefits.
Consider recontribution strategies to make tax components more favorable and explore downsizer contributions if you’re over 55 and selling your home.
Check eligibility for co-contributions and spouse contributions, which can boost your super balance and provide tax benefits.
If planning to claim a deduction for personal concessional contributions, ensure you have submitted the necessary notices. Act early on off-market share transfers and review pension payments to meet minimum requirements.
Review estate planning, loan arrangements, and SuperStream obligations to ensure compliance. Also, assess legacy retirement product conversions and consider the Home Equity Access Scheme for older Australians.
Be cautious when replacing insurance policies and consider strategies for large one-off income or gains. Provide proof of cryptocurrency holdings, and be mindful of non-arms-length expenses and income.
These steps will help you navigate the complexities of superannuation and optimize your financial position as the end of the financial year approaches. Seeking expert advice and staying informed about regulatory changes are key to ensuring your superannuation is well-managed.
Liam Shorte, a specialist SMSF adviser, recommends proactive management of your SMSF to address these critical issues effectively. By staying ahead of deadlines and regulations, you can secure a strong financial foundation for the year ahead.
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