Cyber SMSF in Gold Coast, Queensland | Financial service

Cyber SMSF

Locality: Gold Coast, Queensland

Phone: +61 7 5655 4410

Address: Suite F17D, 47 Ashmore Road, Bundall 4217 Gold Coast, QLD, Australia

Website: http://www.cybersmsf.com.au/

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22.01.2022 Rollovers into a Self-Managed Super Fund A member’s balance in a Self-Managed Super Fund generally starts with either a contribution or a rollover of benefits from another super fund. The rollover of benefits is accompanied by a rollover benefit statement which outlines the components of the rollover.... These components include taxable, tax-free & un-taxed elements, as well as preserved, restricted non-preserved benefits & unrestricted non-preserved elements. Each element describes the way in which the money was deposited into super as well as the availability for the member to access their benefits. What are some of the things we see when members are looking to rollover their benefits from one super fund to another. Firstly, rollovers can only be done with other complying superannuation funds. To be a complying self-managed super fund you must ensure your tax returns are lodged by the due date and that the fund operates in accordance with the provisions set out by the legislation. Many members when looking to rollover their benefits will overlook the importance of Life & TPD insurance. Their previous super funds life insurance cover may cease when their account is closed due to a rollover of their entire balance. Since 1st April 2020, super funds are required to cancel insurance on accounts that have a balance below $6,000 or accounts that become inactive. It is therefore important to discuss your insurance needs prior to actioning a rollover of your benefits with a qualified provider. At Cyber SMSF we work with Insurance specialists that can provide you with the right information before you rollover your benefits to your self-managed super fund. We also ensure that your self-managed super fund remains compliant so that rolling over your benefits is possible. For information on how Cyber SMSF can assist you, please call (07) 5655 4410

21.01.2022 Extension to COVID-19 early access to super scheme In March 2020, the Government announced that limited access to Superannuation for those affected by COVID-19 was available. Eligible individuals were able to access a first payment of up to $10,000 from their Superannuation before 30 June 2020.... Access to a second payment of up to $10,000 was also available between 1 July 2020 and 24 September 2020. The dates for access to this second payment has now been extended to 28 March 2021. To be eligible for early release of your Superannuation you needed to satisfy one or more of the following You are unemployed You are eligible to receive one of the following, a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance. On or after 1 January 2020 either you were made redundant your working hours were reduced by 20% or more (including to zero) you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more (partners in a partnership are not eligible unless the partner satisfies any other of the eligibility). You need to submit your application for release online through MyGov If you have any questions regarding this article, please contact the team at Cyber SMSF on (07) 5655 4410

19.01.2022 What are your choices when it comes to Trustee Structures for your Self-Managed Super Fund?

18.01.2022 What is SMSF Administration? It includes maintaining the day to day transactions of a SMSF to allow for the preparation of the Annual Financial Statements, Members Statements & Income Tax Return is SMSF Administration. It is important for the SMSF to be kept up to date to assist the Trustee in making informed decisions regarding the running of the fund. Rather than putting this information together themselves many Trustees will use the services of an SMSF Administration compa...ny like Cyber SMSF Pty Ltd. As part of their service offering, Cyber SMSF Pty Ltd provides a monthly administration to their SMSF clients. Cyber SMSF Pty Ltd used industry leading cloud-based software to provide all clients with 24/7 access to information on their SMSF. With over 15 years of experience in the SMSF industry, the team at Cyber SMSF Pty Ltd have not only seen great advancements in technology but have also implemented some best practice solutions to ensure clients are given the best possible experience. For more information on the SMSF administration services that Cyber SMSF Pty Ltd can provide to you please email [email protected] See more

12.01.2022 Carried Forward Concessional Contribution Cap Concessional contributions are either: Employer contributions or Personal contributions (where a tax deduction is claimed)... For the 2020-21 Financial year the limit of concessional contributions is $25,000. Prior to 30 June 2018 the concessional contribution cap worked in a use it or lose it fashion. However, from 1 July 2018 for those members with a balance of less than $500,000 they can access this new measure. They can carry forward any unused amounts of their concessional contribution cap to be used in a future year. Only if their members balance is below $500,000. The first year that this new measure is available to be used is the 2019-20 financial year. Any amount unused can be carried forward for a maximum of five years. Example 1: Member with a balance under $500,000 making use of the unused cap. Year One, Member with a concessional contribution cap of $25,000 contributes $10,000 leaving $15,000 of unused cap space Year Two, Member with a concessional contribution cap of $25,000 (plus $15,000 carried forward) contributes $10,000 leaving $30,000 of unused cap space Year Three, Member with a concessional contribution cap of $25,000 (plus $30,000 carried forward) contributes $55,000 leaving $0 of unused cap space Example 2: Member with a balance that exceeds $500,000 balance in year 3. Year One, Member with a concessional contribution cap of $25,000 contributes $5,000 leaving $20,000 of unused cap space Year Two, Member with a concessional contribution cap of $25,000 (plus $20,000 carried forward) contributes $5,000 leaving $40,000 of unused cap space Year Three, Member with a concessional contribution cap of $25,000 (plus $40,000 carried forward) contributes $10,000, as the members balance now exceeds $500,000 their unused cap space does not carry forward. There are age related conditions for those aged between 65-75 wanting to make contributions into Super. For more information on the Carried Forward Concessional Contribution Cap contact Cyber SMSF Pty Ltd on (07) 5655 4410 or [email protected]

12.01.2022 What is a Self-Managed Super Fund? A Self-Managed Super Fund (SMSF) is a super fund that you manage yourself. SMSF’s are different to industry and retail funds, as their investments are chosen specifically by the members who are also Trustees of the fund, some refer to a SMSF as a private super fund or a family super fund as the membership is generally made up by family members. SMSF’s can currently have up to 4 members but most commonly they only have one or two members. A S...MSF is controlled by either Individual Trustees or a Corporate Trustee. Having your own SMSF allows you to make decisions regarding the investments of the fund, however you need to be aware of the types of investments that a SMSF can make to remain complaint with the legislation. All Trustees of an SMSF are responsible and personally liable for the decisions they make. For this reason, many SMSF Trustees will seek the assistance of professional service firms to assist with investing, accounting, auditing, tax advice, legal advice, or financial advice. See more

09.01.2022 Hear Rob McAskill explain not only what SMSF Administration is but why real time Administrarion it is vital to the running of your SMSF

08.01.2022 Types of Trustees of a Self-Managed Super Fund (SMSF) All SMSF’s are controlled by a Trustee. The choices you have for this Trustee are: 1. Individual trustees, ... 2. A Corporate trustee (a company). Individual trustees In a SMSF, all members must be trustees. For single member funds you must have a minimum of two Trustees therefore one will be a non-member Trustee Corporate Trustees In a SMSF, all members must be Directors of the Corporate trustee. Minors Children under the age of 18 can be members of a SMSF However, as minors they cannot be Trustees. A parent of Guardian usually acts as a Trustee in their place. Costs For individual trustees, there are no ASIC Fees involved, therefore establishment costs of this structure are less. For corporate trustees, ASIC a charge registration fees to set up a company as the corporate trustee as a one-off cost. Then there are annual review fees. A Company acting solely as a Trustee of a SMSF is considered a special purpose company and is entitled to reduced annual ASIC fees. Changes to Trustee Structures When Individuals are added or removed it is necessary to complete a Deed of appointment/resignation. When a Corporate trustee is in place the change in members is reflected by a change in Directorship, the name of the Corporate Trustee remains unchanged. Investments All investments (including bank accounts) need to be held in the name of the Trustee. When an Individual Trustee structure changes, all investments need to be updated to reflect the change in Trustee This usually involves paperwork, and in some instances, transfer fees may apply. With a Corporate trustee structure there is no change needed to the investments as the Company name never changes. Considerations Some may choose to set up their SMSF with Individual trustees as the set-up fees are cheaper. Given the cost and time involved in updating your investments each time a Trustee is added or removed many choose a Corporate trustee from the outset to save time and compliance burdens.

07.01.2022 Importance of lodging your SMSF Tax Return on time Information just in from the ATO shows that of the 583,857 SMSF’s in existence at 30 June 2019, only 77% of these have lodged their 2019 Annual Tax Return by the due date. The due date for the lodgement of the 2019 Annual Tax Return was extended to 30 June 2020 given COVID, and there are currently still a quarter of funds yet to lodge their return.... When a Self-Managed Super fund is established and meets the requirements, they apply to the ATO for a complying status. This complying status allows funds to receive rollovers from other complying super funds as well as contributions for the members (including employer contributions) For funds that have not yet lodged their 2019 Tax Return, they face losing this complying status of their SMSF. In addition, funds that fail to meet the lodgement deadline can face penalties and the loss of tax concessions. If you have not yet lodged your SMSF tax Return Cyber SMSF can assist with getting your lodgement up to date and ensuring it remains that way. Call us on (07) 5655 4410 to find out more.