Insights

Common Misconceptions About The Proposed Division 296 Tax for Individuals With A Total Superannuation Balance Greater

From 1 July 2025, the Government has proposed a new tax on those who have a total superannuation balance (TSB) of greater than $3 million. The new tax is called Division 296 (Div 296) and the proposal is for an additional 15% tax to be levied on the movement between...

Daniel Clements

Partner

Newcastle, Sydney

Insights

Considering establishing an SMSF?

Setting up a Self-Managed Superannuation Fund (SMSF) requires careful planning and adherence to regulatory requirements. Here’s a checklist to guide you through the process: Pre-setup considerations 1. Research and education Understand the roles and responsibilities of SMSF trustees. Educate yourself about SMSF regulations, investment options, and taxation implications.There are various...

Daniel Clements

Partner

Newcastle, Sydney

Insights

What happens to your superannuation upon death?

A common misconception about death and your Self Managed Superannuation Fund (SMSF) is that your super entitlements are automatically dealt with as part of your estate or will. This is not the case! Your superannuation may be a significant asset when you die and it should be carefully considered in...

Daniel Clements

Partner

Newcastle, Sydney

Insights

SMSF checklist for the end of financial year

With the end of the financial year just around the corner, it is time to get your Self Managed Super Fund (SMSF) in order for tax time. 1. Ensure your minimum pension payments have been made The government has halved the minimum amount members must withdraw from their super fund...

Daniel Clements

Partner

Newcastle, Sydney

Insights

Important changes in the superannuation sphere

In the world of super change is inevitable. As we strive to become more efficient and data-driven, small changes in the short term can make for more streamlined process in the long term. Two recent changes are of upmost importance in the super world at the moment: 1. Director Identification...

Daniel Clements

Partner

Newcastle, Sydney

Insights

Updated ATO valuation guidelines

It has long been the requirement for SMSF trustees to support the value of their Fund’s assets in their annual accounts. However, trustees may not be aware that the ATO has recently updated their valuation guidelines. The ATO has provided clarity on the objective and supportable evidence needed to support...

Daniel Clements

Partner

Newcastle, Sydney

Insights

The SMSF gender pay gap: The right direction for an equal future

At the start of September 2021, SMSF software provider ‘Class*’ released their annual benchmark report which analysed SMSF data from the 2021 financial year. Key findings in the report make for interesting reading. Changing audit landscape The SMSF audit landscape is currently undergoing significant change as a result of the...

Daniel Clements

Partner

Newcastle, Sydney

Press Releases

PKF announces three new senior promotions in addition to 43 across the firm

Newcastle accounting and business advisory firm, PKF, have elevated Self-Managed Superannuation Fund Specialist, Daniel Clements to Partner and Newcastle Business Advisory Services’ Hanna Barry and Jackie Marriott to Principal. Clements has been with the firm for 8 years working under SMSF expert, David Henriksen, who has been preparing Clements for...

3 contributors

Newcastle

Insights

Four critical superannuation changes

A new financial year brings with it changes in superannuation. These changes elude to the evergrowing complexity of super contributions and the changes to concessional and non-concessional contribution caps heading into the new year. Increase in concessional contribution caps From 1 July 2017 to 30 June 2021, the concessional contribution...

Daniel Clements

Partner

Newcastle, Sydney

Insights

The shift to environmental, social and governance (ESG) investing

Environmental, social and governance (ESG) considerations are becoming increasingly important to Self Managed Superannuation Fund (SMSF) trustees for their long-term benefits to a portfolio. ESG Investing is a term that is often used in the same manner as sustainable investing, socially responsible investing, mission-related investing, or screening and is quickly...

Daniel Clements

Partner

Newcastle, Sydney

Insights

Tax planning opportunities for trustees and their accountants

There has been a raft of new changes and legislation for SMSFs in recent years but there are some small but important tweaks which trustees and their accountants need to be aware of for tax planning opportunities. Work Test Declaration changes For the 2004/05 to 2019/20 financial years, a member...

Daniel Clements

Partner

Newcastle, Sydney

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