KSW Insight Newsletter | May 2023


May 2023 | VOLUME 178
KSW Newsletter for Clients and Associates of Kreston Stanley Williamson

2023 End of Financial Year reminders for your SMSF

As we approach the end of the financial year, it’s important to ensure that your self-managed superannuation fund (SMSF) is well-prepared for 30 June 2023. This includes meeting minimum pension requirements, adhering to contribution caps, and understanding key deadlines. Stay informed about the minimum pension percentages based on age and the corresponding changes for the upcoming year. 

Our article here provides the necessary information to keep you updated on these important aspects of managing your SMSF. 

Is This The End of Remote Work? Commonwealth Bank Weighs In

The concept of remote work has gained significant momentum, but recent developments indicate a potential shift in its adoption. While remote work offers benefits, there are also challenges to consider. As organizations navigate this changing landscape, it becomes crucial to strike a balance between the advantages of remote work and the need for collaboration and work culture. 

Our article here details the pros and cons of remote work, emphasizing the need to embrace flexibility and find solutions that meet the evolving needs of businesses and employees.

2023-24 Federal Budget Update – Another year of stability for SMSFs

The recently announced Federal Budget for 2023-24 has focused on addressing the cost of living and building a stronger economy. In terms of self-managed superannuation funds (SMSFs), there were no unexpected changes that would significantly impact the sector or superannuation more broadly. However, several noteworthy adjustments were made such as: 

  • Better Targeted Superannuation Concessions
  • Superannuation Guarantee Payment Frequency
  • Non-arm’s Length Income (NALI) Amendments

Our article here will help you understand the implications of the Federal Budget changes for SMSFs.

Victorian Government’s Bold Move to Abolish Stamp Duty, and Inject $50 Billion to the Economy

In a significant move, the Victorian government has announced the abolition of stamp duty for commercial and industrial properties, ushering in a new era for the state’s economy. This landmark decision is expected to inject an estimated $50 billion into the economy. From July 1 next year, commercial and industrial properties will transition to an annual property tax system, with the tax becoming payable 10 years after the property’s sale. 

Our article here provides a comprehensive understanding of these transformative reforms and their impact.

Kreston Stanley Williamson

*Correct as of 26 May 2023

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.

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