Get the knowledge you need to make well-informed financial decisions at our upcoming events. Register now.

Loading...

Federal Budget 2018: Superannuation

2018-07-23T16:36:30+00:00

This article is published by Modoras Pty Ltd ABN 86 068 034 908

Federal Budget 2018: Superannuation

Federal Budget 2018 superannuation

Federal Budget 2018 Initiatives: Superannuation

 

3 Year Audit cycle for some SMSF

Effective 1 July 2019

Some SMSFs will be allowed to move from an annual to a three-yearly audit cycle if they have:

  • Three consecutive years of clear audit reports; and
  • Lodged the fund’s annual returns in a timely manner

SMSF Membership increasing to a maximum of six

Effective 1 July 2019

The SIS Act will be updated to enable the number of fund members in new and existing Self-Managed Superannuation Funds (SMSFs) to increase from a maximum of four to six.

Super exit fees banned

Effective 1 July 2019

Effective 1 July 2019, A ban will be placed on all exit fees on superannuation account in addition to a 3% annual cap on passive fees charged by superannuation funds on accounts with balanced below $6,000.

“Opt In” for insurance in superannuation

Effective 1 July 2019

Insurance in superannuation will change from a default framework to an ‘Opt In’ basis for those:

  • With balances less than $6,000
  • Under the age of 25 years
  • Whose accounts have not received a contribution in 13 months

The proposal has been designed to protect the retirement savings of young Australians. Impacted members will need to decide whether they will opt-in to the existing cover or allow it to switch-off.

This article is published by Modoras Pty Ltd ABN 86 068 034 908 AFS and Credit License No. 233209. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). While every effort is made to ensure that the information is accurate, users must be aware that some information may not be accurate or is no longer current. No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

Testimonials

“There are things I must do in the next five years to make that happen, but I know what they are and am working towards them. This is a much happier prospect than what I believed would be my lot when I reached retirement age.”

Scharlaine

“I will remain with them as they have been great to me for many many years.”

Sharn

“I’ve been a customer for several decades(scary how time flies). The service has always been impeccable, consistent, friendly.”

Colleen

“Very happy with the ease of experience. And extremely happy with my return…much more than I anticipated.”

Angela

“The process suits me perfectly, the details and everything you need from me is provided. You then review and I come in to sign where appropriate. In a busy schedule, it suits me perfectly.”

Richard

“Our business with Modoras is always very professional and friendly making it a pleasure to attend.”

Peter & Merle

“I have recommended Modoras to friends and family. My sister in law is now a client.”

Glenn

“Professional service with the personal care factor.”

Kathy

“We are very happy with the service that Modoras have provided and find all staff very friendly and helpful.”

Tom

“Super friendly staff . Would recommend and have recommended.”

Danielle

“We really enjoy the hospitality every time we visit the office, to meet and talk directly with the ‘Modoras family’ has a huge impact in entrusting our financial future.”

Robert

“We have built an excellent business rapport with our Accountant over many, many years. He has managed both personal and business tax and accounting matters for us. It is a pleasure to attend the lovely office in Mt Gravatt. The Reception staff are friendly and efficient. AND they make a great coffee!”

Rosemary

Financial Planning and Credit services are offered through Modoras Pty Ltd ABN 86 068 034 908. Australian Financial Services and Credit Licence No. 233209.
Accounting services are offered through Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215, Modoras Accounting (VIC) Pty Ltd ACN 145 368 850 and Modoras Accounting (SYD) Pty Ltd ABN 18 622 475 521

Copyright Modoras 2018. All Rights Reserved.