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DFK Benjamin King Money is committed to providing premium business and financial advice with a highly-skilled team of chartered accountants and business advisors. The financial wellbeing of our clients is paramount.
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DFK Benjamin King Money

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Related Party Acquisitions in an SMSF

By Daniel Shaw As often is the case, members of self-managed superannuation funds (SMSFs) will have assets held outside of their SMSFs, either personally or in entities they control i.e., related parties. We often get asked whether the member’s SMSF can acquire these assets. This article will provide some further information on whether this is allowable. We first need to consider, is the SMSF acquiring an asset from a related party. A related party is defined as: A relative of…

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Changes to Non-Concessional Contribution Eligibility

By Daniel Shaw From 1 July 2023, the thresholds in which a superannuation member can make non-concessional (after tax) contributions have been increased due to indexation. Members who are under 75 with a total superannuation balance (TSB) below $1.9m, can make a non-concessional contribution into their superannuation fund up to the annual cap of $110,000, provided they are not currently in a bring forward arrangement which may change this cap. A bring forward arrangement allows a member to bring forward…

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Reminder – Superannuation Pension Drawdown Minimums Back to Original Amounts

At the start of the COVID-19 pandemic, Treasury enacted changes to the annual minimum drawdown requirements for those members in receipt of superannuation pensions. The changes were that the annual minimum drawdown required was temporarily halved for the 30 June 2021, 30 June 2022 and 30 June 2023 financial years. The below figures are the annual minimum percentages required to be drawn for account-based pensions for the 30 June 2024 financial year: Age of Member Percentage Factor Under 65 4%…

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