At Novo Super we’ve been commenting on portability in the SMSF sector since we first commenced operating in 2013. This is a view that appears to be shared by only a handful of innovative leaders in the full service administration space.
The reason? At Novo Super it is our belief that competition and personal service at the local level should be at the heart of the sector not expensive or complex software that effectively creates a barrier to exit and as ... Continue Reading →
The federal government has made significant changes to its superannuation package, including dumping plans for a backdated, lifetime cap of $500,000 on non-concessional contributions.
A full list of the proposed changes now follows:
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- The $500,000 cap backdated to 2007 has been removed and replaced by a mechanism in which people will be able to make both concessional and non-concessional contributions until the cap of $1.6 million in a super retirement account is reached
- There will be a yearly cap of $100,000 on non-concessional contributions, down ...
The 1st July is a distant memory and the run to Christmas is now only 15 weeks away. If you want your SMSF tax refund as cleared funds and in your SMSF bank account prior to the summer break then give serious consideration to the following timeline:
There are 15 weeks in available time and the ATO quote 4 weeks for processing (this can be shorter or longer but 4 is the published service level). We now have 11 weeks available. Prior to lodging ... Continue Reading →
The main game
SMSFs are the main game in superannuation. Australian Taxation Office (ATO) figures point to record member numbers, soaring average assets and a growing interest from younger people.
SMSF membership has cleared the 1 million barrier and ATO figures to June 2015 show the total number of self-managed superannuation funds exceeds 557,000, a hefty rise from 440,000 in June 2011. This is more than a grand final crowd and should put an end to the continued commentary predicting the ... Continue Reading →
Novo Super’s Paul May discusses how his business partner and he created an accessible administration service with a personal touch. Miranda Brownlee reports
After spending a significant number of years crafting his SMSF service skills and knowledge at the larger institutions, Paul May made the decision in early 2014 to join the business of an old colleague, Tony Pedro.
After joining forces, the two set out to create an administration business offering clients plenty of accessibility in terms of solutions to technical ... Continue Reading →
In the past 12 months there have been significant changes to the qualifying recognised overseas pension scheme (QROPS) for UK pension transfers. What’s the latest with these changes, and where do those with UK pensions stand?
Background on ROPS
It is a designation by Her Majesty’s Revenue and Customs (HMRC) that a Recognised Overseas Pension Scheme (ROPS), itself a UK Treasury designation, will accept transfers from UK pension schemes without those transfers being considered a benefit crystallisation event.
What does this mean?
Well, ... Continue Reading →