The concessional contributions cap increases from $25,000 to $27,500 from 1 July 2021 – a good thing for anyone wanting to add to their super. But there’s another change just passed by Parliament relating to the consequences of exceeding the cap.

The process can be relatively simple as it largely involves paperwork. It doesn’t require assets to be sold or moved to a new super fund but it does create some traps.

The new rules mean you could be making after-tax top ups as well, so it’s vital to get your timing right.

With no news in this month’s Federal Budget, we had assumed the temporary halving of the minimum pension draw down rates would cease on 30 June 2021 (as currently legislated). However, the Government has now announced an extension for one more year.

The 2021 Federal Budget did not include many superannuation measures but those that did make the cut were good news for SMSFs.

The conventional wisdom is that most people who can start retirement phase pensions should do so as soon as possible. Here are a few things to weigh up when deciding whether or not to start a pension before 1 July 2021.

A friend and I are co-directors of a small private business. Surely we’re “related parties” for super law purposes?

There are some occasions when a pension can be paid to a person well before retirement, but timing matters and it’s important to understand the system’s quirks.

Late last week the November 2020 Average Weekly Earnings data was released which means we now know for sure that the concessional contributions cap will increase from $25,000 to $27,500 from 1 July 2021.

I’m a relatively passive trustee of my SMSF – my partner looks after the day to day running of the fund and I simply sign the financials each year. Am I exposed to penalties should something go wrong?

If your beneficiaries are adult children and there is no spouse, there are five big tax savings. When you die, there are rules about how, and to whom, your superannuation benefit can be paid.

If we ever needed reminding that 2020 is indeed a strange year, look no further than the fact that the 2020 Federal Budget will be brought down in early October rather than the traditional 'second Tuesday in May'.