Author: Admin

A Binding Death Benefit Nomination (BDBN) is a format that Members can use to nominate beneficiaries to pass on the super benefits in the SMSF upon their death. It’s also referred to as an ‘SMSF Will’. Death benefit payout can be made to a legal personal representative, a dependent or the estate. A recent court case, Hill v. Zuda Pty Ltd [2022] HCA 21, implied whether an SMSF can have a Binding Death Benefit Nomination (BDBN) that differs from the prescribed requirements in the superannuation legislation and regulations. Facts of the case Mr. Sodhy and Ms. Murray acted as the directors...

A lot of Australians are turning to SMSF to take control of their superannuity. SMSF is like any other kind of fund, except it allows members to take full control of their fund as well as hold more assets than any other type of super account, similar to the retail industry, or even corporate funds. Diversification is important since it allows people to have balance in their assets and risk profile. If you want to buy gold using your superannuation, you need to have a Self Managed Super Fund (SMSF).   Can you purchase gold with a super fund? Yes, an SMSF can purchase gold and silver. There...

1. Super guarantee rates From 1 July 2022 the superannuation guarantee rate will increase to 10.5%. The super rate is due to increase a further 0.5% each year until it reaches 12% in 2025. These increases have been legislated by the Australian Government. 2. Contribution caps From 1 July 2021, the concessional contributions cap is increased from $25,000 to $27,500. The increase is a result of indexation in line with average weekly ordinary time earnings (AWOTE). From 1 July 2021, the Non-Concessional Contribution cap will increase from $100,000 to $110,000. Please note that if the superannuation...