Changes To Superannuation
We hope you had a lovely weekend.
Did you know we are celebrating 5 years of SaabTeece! Whilst we have over 60 years of history, this year marks 5 years since the merge of Saab & Teece. Please click here to read George & Andy’s reflections on the last 5 years.
Tax Lodgement Due Dates:
- Most Self-Managed Superannuation Funds (SMSFs) will have a lodgement and payment date of 15 May 2024.
- If your SMSF is newly registered and 2023 will be its first tax lodgement year; lodgement and payment is due by 28 February 2024.
- If you had any returns outstanding as at 30 June 2023, the 2023 return will have a due date of 31 October 2023.
Important Dates
You can download and customise your own important dates calendar here.
SMSF with investments in Property
If your SMSF has an investment in a commercial or residential property, please obtain a market appraisal of all investment properties as at 30 June 2023. This appraisal must include comparative values of similar properties recently sold or for sale, otherwise, it will not be accepted by the SMSF Auditor.
For properties that are leased to related parties, please provide a rental appraisal as at 30 June 2023, including comparative rents for similar properties.
Increase to Super Guarantee
On 1 July 2023 superannuation guarantee increased from 10.5% to 11%.
Pensions
The temporary reduction of the minimum pension payments ceased on 30 June 2023. Pension minimum drawdown percentages are back to pre-pandemic rates from 1 July 2023:
| AGE AT 1 JULY EACH YEAR | TEMPORARY MINIMUM DRAWDOWN RATES ENDED 30 June 2023 | DEFAULT MINIMUM DRAWDOWN RATES START FROM 1 July 2023 |
|---|---|---|
| Preservation age to 64 | 2% | 4% |
| 65-74 | 2.50% | 5% |
| 75-79 | 3% | 6% |
| 80-84 | 3.50% | 7% |
| 85-89 | 4.50% | 9% |
| 90-94 | 5.50% | 11% |
| 95 and over | 7% | 14% |
If you would like assistance with your retirement plan, please don’t hesitate to contact ST Wealth.
As always, do not hesitate to contact us.
Kind regards,
SaabTeece
Recent Posts
Liability limited by a scheme approved under Professional Standards Legislation.
Shop 2, 17-25 William St, Earlwood, NSW 2206 Australia
