2016/17 Budget – Key changes to Superannuation

As was anticipated, the federal budget contained various measures which impact those looking to save for their retirement through superannuation. Some of the key changes include: Fixing the concessional contributions cap to $25,000 a year for all individuals regardless of age Reducing non-concessional contributions cap from $180,000 per year to a lifetime cap of $500,000 Removing the work test…

SMSF

SMSFs, Collectables & Personal Use Assets

What are collectables and personal use assets? Section 62A of the Superannuation Industry (Supervision) Act 1993 (SIS Act) provides that the regulations may make rules in relation to trustees of self-managed superannuation funds (SMSF) making, holding and realising investments involving collectables and personal use assets. Collectables and personal use assets include: artwork jewellery antiques artefacts…

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