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Summary of Superannuation Issues and Recent Changes

Recent Issues and changes that could effect you

.

Concessional contributions cap: The annual concessional contributions cap is currently $27,500 per person effective from 1 July 2021.

Making catch-up concessional contributions: From 1 July 2018, a person with an account balance of less than $500,000 is able to make “catch up” concessional contributions by using any unused portion of their concessional contributions cap from the previous five consecutive years.

Division 293 tax: The income threshold after which an additional 15% of tax (making an effective contributions tax rate of 30%) was imposed on the contributions of “high income” earners is currently $250,000.

Spouse contributions: People who make contributions for their spouse are able to claim a tax offset up to $540 per annum (at the rate of 18% up to a maximum of $3,000) where their spouse earns below $37,000.

Non-concessional Contributions (After Tax Contributions):

  • The standard annual non-concessional contributions cap is currently $110,000 effective from 1 July 2021.
  • If a member’s super balance is above the superannuation balance cap at 30 June in a year currently $1.7m (increased to $1.9m from 1 July 2023), the member is not eligible to make non-concessional contributions in the following year.
  • The three year bring forward rule is applied to enable after tax contributions up to three times the standard annual non-concessional cap, i.e. of contributions of up to $330,000 will be permitted at any time if under age 75.
  • If a member’s super balance is close to the balance cap amount at 30 June being $1.7m ($1.9m from 1 July 2023) the member is only able to bring forward the $110,000 annual cap for the number of years that would take the member’s balance to the cap amount.

Individuals with super balances at or above the balance cap are only able to increase their overall super balance via concessional contributions and investment growth.

PENSIONS

Retirement phase transfer limits: From 1 July 2017, the total amount a member can “transfer into the retirement phase” was limited to $1,600,000. This was increased to $1,700,000 from 1 July 2021 and to $1,900,000 from 1 July 2023.  Earnings arising from a pension account, which cause the account to exceed the cap, may be retained in the “retirement phase” account, but pension payments deducted cannot be replenished. Given this, a strategy of taking out only the minimum amount from pension accounts with supplementary additional amounts being withdrawn from accumulation accounts or withdrawn as commutations from the “retirement phase” accounts should be considered.

MARKET VALUATONS AS AT END OF FINANCIAL YEAR

Current market valuations of all assets were required to be incorporated into the Financial Statements. Valuations for listed investments are readily available.  Valuation of unlisted investments, including property investments are required to be arranged as at 30 June 2023, and for following years.

In respect of property investments, the ATO valuation guidelines are not definitive, however it is recommended that at least two valuations from a real estate agent or one from an independent sworn valuer is obtained.

EVENT BASED REPORTING FOR SMSF’S

Self-managed super funds (SMSFs) are subject to a reporting regime relating to the transfer balance cap and event-based reporting framework.

The transfer balance account report (TBAR) is a separate form from the SMSF annual return (SAR). The TBAR enables the ATO to record and track an individual's balance for both their transfer balance cap and total superannuation balance cap.

From 1 July 2023, TBAR’s are required to be lodged for all Funds on a quarterly basis.

RECENT CHANGES TO SUPERANNAUTION

No Work Test

If you are under age 75, from 1 July 2022 you do not have to satisfy the work test in

order to make or receive non-concessional super contributions and salary sacrificed

contributions.

Super Guarantee increase

The rate of super guarantee payable by employers increases from 10.5% to 11.0% of employee wages from 1 July 2023.

Downsize your home and add to your super

From 1 January 2023, people aged 55 or over can make contributions into their super account of up to $300,000 ($600,000 for a couple) using the proceeds from the sale of their main residence. Although these ‘downsizer’ contributions are considered non-concessional (after-tax) contributions, they are in addition to any voluntary contributions made under the current non-concessional contributions cap ($110,000 in 2022/23).

Covid-19 Superannuation Changes

Pension Reductions

There is currently a reduction to minimum pension payments for the 2020/21, 2021/22 and

2022/23 financial years, of 50%, reducing minimum percentages to :

 

SMSF Investment Strategies

The ATO’s requirements

The guidance and requirements from the ATO are summarized as follows:

Extent of Diversification

The ATO have advised that trustees should consider including in the strategy the extent to which the fund investments are diverse and the risks which could apply from a lack of diversification.

Tailored and specific

The ATO has advised that an investment strategy permitting a range of investments, for all investment categories, of 0-100 % would generally not be acceptable, as it would indicate a lack of proper consideration by the trustee.

They advise that the trustees should consider the personal circumstances of each member and explain how the investment strategy meets the retirement objectives of each member.

Investment strategy compliance

To ensure a fund’s investment strategy meets the requirements of the ATO, it is

recommended that the trustee :

  • have a current investment strategy in place;
  • review it regularly (at least annually), and in doing so :
    • document the personal circumstances of the members including their ages,
    • retirement plans, likely future contributions and employment status;
    • SUP795830
    • consider the likely risk and return of the assets invested in;
    • consider the liquidity and cash-flow requirements of the fund;
    • consider the ability of the trustee to discharge the liabilities of the fund;
    • consider the degree of diversification of the assets invested in; and
    • consider whether insurance should be held for the members.

Proposed Super Changes

Pay Day Superannuation

It has been announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages.

The start date will provide employers, super funds, payroll providers and other parts of the superannuation system with sufficient time to prepare for the change. This measure is not yet law.

Additional 15% tax on earnings where member balances are in excess of $3m.

The proposal is effectively an additional 15% tax on “earnings” on balances (excluding the first $3m), calculated as described below. It is proposed that tax will be able to paid by the Fund, or by the member personally.

The proposed method of calculation is controversial as it includes taxing unrealised capital gains and a negative result is only available to be carried forward.

The proposed start date is 1 July, 2025, and after the next deferral election, so there’s a lot of water to go under the bridge.

Based upon published information, the tax calculation methodology is summarised as follows :

  1. Closing member balances (CMB) + any withdrawals for the year – any net contributions for year, less opening balance (OB) = earnings (E).
  2. Percentage of earnings (POE) = CMB less $3m/CMB
  3. Tax = POE * E * 15%.

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Accounting & Bookkeeping

Modern business demands up to date accurate financial information.

We can take care of all your bookkeeping and accounting needs, including the preparation of your annual accounts and periodic management accounts for tax, business appraisal and planning purposes.

We can also assist with meeting your reporting requirements including Business Activity Statements, PAYG Withholding and Instalment Activity Statements.

We will discuss your requirements with you and provide you with tailored information and constructive advice on a regular basis.

If you would like further information you can contact us on (02) 9300 3000 or .

Acquisitions & Mergers

Whether you are considering buying or selling a business, we are able to assist you in this transaction by providing experienced advice.

Each transaction is different and needs to be assessed on its individual merits. There are a number of accounting and taxation opportunities with these transactions and our experience can ensure you are maximising your benefits.

If you would like further information you can contact us on (02) 9300 3000 or .

Budgeting

A good budget is a necessity in a good business plan. It is one of the best business tools we have, allowing us to set financial targets and measure our performance.

In addition to goal setting value, budgets will often improve your chances of acquiring funding. Financers often require budgets as a prerequisite for funding approval.

We have extensive experience with assisting clients in the budgeting process.

If you would like further information you can contact us on (02) 9300 3000 or .

Business Start-Ups

Before commencing a new business, the following are some of the key items that need to be considered:

  • Decide on the most suitable structure for your business – sole trader, partnership, trust or company
  • Prepare a business plan, cashflow projections, budgets, and trading forecasts
  • Assess your finance requirements, advise on the best sources of finance, and draw up the necessary proposals
  • Establish a good working relationship with your bank
  • Register for a Tax File Number and an Australian Business Number with the ATO
  • Complete registration procedures with Australian Securities and Investments Commission
  • Deal with company secretarial issues
  • Set up a recording system for your internal use and for complying with statutory requirements

Each new business is different and needs to be considered in relation to your individual circumstances and our experience can ensure you are maximising your opportunities.

If you would like further information you can contact us on (02) 9300 3000 or .

Charitable Institutions

Charitable institutions are set up to hold money or assets and carry out activities for the benefit of the community. In Australia, a variety of charitable institutions exist including:

  • Various forms of charitable trusts
  • Companies limited by guarantee
  • Unincorporated associations
  • Deductible gift recipients
  • Prescribed private fund

Each type of charitable institution brings with it different requirements and benefits. We know the practicalities of these institutions and are able to assist you by:

  • Co-ordinating the preparation of constituent documents
  • Applying to the ATO for an Australian Business Number and Tax File Number
  • Organising tax exemptions where applicable
  • Attending to all compliance and statutory filings

If you would like further information you can contact us on (02) 9300 3000 or .

Company Secretary

Company legislation requires businesses to perform many administration tasks which take up a lot of valuable company time.

We are able to assist you in the following areas:

  • General advice on company law
  • Company formations
  • Filing of annual returns on your behalf
  • Preparation of all documentation related to minutes and resolutions
  • Maintenance of statutory books
  • Assistance in changes of directors, shareholders, addresses, and office details
  • Bonus Issues
  • Share transfers
  • Registered Office Facility

If you would like further information you can contact us on (02) 9300 3000 or .

Financial Structures

Having the right financial structure in place for your business or your family means looking at your individual circumstances and ensuring that your assets are being maximised whilst being adequately protected.

We have extensive experience in ensuring our clients have the best financial structure for their needs both now and in the future. We can provide advice on and assist with:

  • Effective structures for asset protection
  • Effective structures for tax minimisation
  • The optimal structure through which to operate your business
  • Structures to assist in succession planning and providing for future generations

If you would like further information you can contact us on (02) 9300 3000 or .

GST

Every transaction has GST implications. We have experience with these issues and are able to offer expert advice on the implications of GST for your business. The GST related services we offer include:

  • Assistance with registering for GST
  • Filing and adjusting GST returns
  • ATO audit assistance
  • Advice on GST related issues

If you would like further information you can contact us on (02) 9300 3000 or .

Management Consulting

We are practiced in acting as a sounding board for management, bringing to the relationship years of experience in business growth and analysis.

We are able to check that your business is as competitive, focused, and profitable as it can be and we will work with you to address any issues.

If you would like further information you can contact us on (02) 9300 3000 or .

Payroll Services

We can provide a comprehensive and confidential payroll service including:

  • Administration of PAYG Withholding, statutory sick pay, annual leave etc
  • Australian Taxation Office filing
  • Summaries and analyses of staff costs
  • Administration of incentive schemes, bonuses and termination payments
  • Assistance with payroll tax and workers compensation obligations

If you would like further information you can contact us on (02) 9300 3000 or .

Rental Properties

We can assist in a variety of areas in relation to residential and commercial property including:

  • Advice on funding
  • Cash flow analysis of property investment
  • Guidance in tax related areas including negative gearing and capital gains tax
  • Advice on ownership structure
  • Preparation of initial land tax returns and land tax variation returns

If you would like further information you can contact us on (02) 9300 3000 or .

Clients of Wybenga & Partners Pty Limited can engage our partner firm, Washington Brown, for a competitive price on their depreciation services: Tax Depreciation Quote Request – Wybenga & Partners Pty Limited Clients

Strategic Planning & Advice

Our Strategic Planning Service is designed to assist our clients to develop financially towards the achievement of their lifetime objectives. Our experience and proven results provide our clients with the security that their financial goals will be met.

Wybenga Financial Pty Ltd is an organisation providing wealth creation and management services to private clients.

If you would like further information you can contact us on (02) 9300 3000 or .

Superannuation

Self-managed superannuation is a flexible means of saving for retirement. It allows you to take control of your superannuation, adopt a customized investment strategy and control fund administration costs.

Superannution law is a delicate area and personalised planning is required for each individual. We have extensive experience in all areas relating to superannuation and can assist in establishing a superannuation fund that will effectively allow you to reach your financial retirement goals.

Services we offer include:

  • Establishment of Self Managed Superannuation Funds
  • Advice concerning Compliance Matters
  • Advice concerning Taxation Benefits
  • Advice on Employer obligations

If you would like further information you can contact us on (02) 9300 3000 or .

Taxation

We offer a complete range of taxation services and advice based on proven knowledge and experience. Our proactive approach ensures we deliver a consistent service and build solid relationships.

We will work with you to help reduce your tax exposure and provide services including:

  • Advice on all areas of direct and indirect taxation
  • Preparation and lodgement of annual income tax returns for all types of entities
  • Preparation of PAYG withholding variation applications
  • Preparation of activity statements and advice on payment of tax
  • Assistance with GST/FBT obligations including preparation and lodgement of relevant forms
  • Advice on and implementation of tax effective trust structures for asset protection and tax minimisation
  • Management of any ATO audits or disputes

If you would like further information you can contact us on (02) 9300 3000 or .

Trusts

A trust provides a valuable way of protecting the assets you have accumulated for the benefit of yourself and others.  A trust can also be an effective structure for running your business.

We have extensive experience with trusts and are able to offer specialist advice on establishment and compliance, ensuring that all statutory requirements are met.

Wybenga & Partners are able to organise for the preparation and execution of documentation involved in Trust formation.

Our Trust administration service includes:

  • Minute keeping service
  • Annual accounts
  • Taxation
  • Maintenance of CGT register
  • Income distribution

If you would like further information you can contact us on (02) 9300 3000 or .

Secure File Transfer

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer, or contact us if you require a username and password.

Accounting Videos

 

Chris Wybenga

B.Bus, CA

Chris is the Managing Director of the Firm who established the practice in August 1994 and has been responsible for its growth and development since that time.

Chris has over 40-years experience in the Chartered Accountancy profession, predominantly spent in small to medium sized firms, advising both small business and individuals in areas such as taxation and accounting as well as business restructuring and superannuation advice.

Chris is active in the development of young accountants both in mentoring cadets at the Firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants.

  • 1980 – Commenced employment and part time university studies
  • 1985 – Graduated Bachelor of Business from University of Technology, Sydney
  • 1986 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 1988 – Registered as a Registered Company Auditor
  • 1994 – Established Wybenga & Partners (formerly known as Farrar & Wybenga)

Dianne Bechara

B.Bus, CA

Dianne is responsible for the day-to-day operations and administration of the practice.

Dianne has over 30-years Chartered Accountancy experience and has significant expertise in providing advice and solutions to high-net-worth individuals and their associated entities. Dianne also has considerable knowledge in the areas of taxation, business services, superannuation, and compliance.

Dianne is active in promoting gender equality in the industry through various programs and mentoring opportunities. Dianne is also committed to the development of young accountants and donates considerable time to sharing her expertise.

  • 1992 – Graduated Bachelor of Business from University of Technology, Sydney
  • 1993 – Commenced employment in acounting profession
  • 1996 – Commenced career with Wybenga & Partners
  • 1997 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2002 – Appointed as Director of Wybenga & Partners

Roger Potter

B.Bus, CA

Roger is responsible for the HR aspect of the Firm, cultivating the culture, and maintaining the highly social environment we pride ourselves on.

Roger has over 35-years in the Chartered Accountancy profession and significant expertise in providing advice and solutions to small businesses and high-net-worth individuals. He also has extensive experience in the areas of Self-Managed Superannuation Funds and retirement strategies.

Roger is active in the development of young accountants both in mentoring cadets at the firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants.

  • 1985 – Commenced employment and part time university studies
  • 1990 – Graduated Bachelor of Business from University of Technology, Sydney
  • 1992 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 1998 – Commenced career with Wybenga & Partners
  • 2002 – Appointed as Director of Wybenga & Partners

Tess Uncle

B.Sc, M.Com, CA

Tess has over 22-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Tess has had significant experience in MYOB and assisting clients in day-to-day bookkeeping activities and periodic reporting.

Tess is responsible for the Firm’s training and development needs.

Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities. Tess is also committed to the development of young accountants and donates considerable time to sharing her expertise.

  • 2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
  • 2004 – Graduated Masters of Commerce from the University of New South Wales
  • 2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2007 – Promoted to Manager at Wybenga & Partners
  • 2012 – Appointed as Associate Director
  • 2016 – Appointed as Director of Wybenga & Partners

Schedule a Meeting with Tess


Adam Roberts

B.Bus, B.Sc, CA

Adam has over 18-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Adam has had significant experience in MYOB and assisting clients with periodic management reporting.

Adam is responsible for the implementation of technology in the Firm and sourcing new areas of innovation and efficiency.

Adam is active in the development of young accountants and donates considerable time to sharing his expertise.

  • 2005 – Commenced employment with Wybenga & Partners and part-time Accountancy Studies
  • 2005 – Graduated Bachelor of Science from the University of Western Sydney
  • 2007 – Graduated Bachelor of Business from the University of Western Sydney
  • 2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2010 – Promoted to Manager at Wybenga & Partners
  • 2012 – Appointed as Associate Director
  • 2016 – Appointed as Director of Wybenga & Partners

Schedule a Meeting with Adam


Accounting Cadetships

Build your career with expert guidance from our accounting cadetships program, based in Sydney NSW.

Wybenga & Partners offer accounting cadetships at our location in the CBD of Sydney NSW. You’ll receive expert guidance as you work in the industry.

  • Industry experts guiding you
  • Friendly and supportive culture
  • Modern work environment
  • Training and ongoing support
  • Convenient Sydney CBD location
  • Registered tax agents

Call (02) 9300 3000

or send your enquiry now

    Each year we offer several school leavers or undergraduates the opportunity of beginning their career with us via an Accounting Cadetship. If you are interested in pursuing a career in accounting please read the information below. Our accounting cadetships could be perfect for you!

    What is an Accounting Cadetship?

    An Accounting Cadetship enables you to commence your career whilst attaining the necessary university qualifications by studying part-time.

    How Does It Work?

    Generally, our cadets complete a Bachelor of Commerce (BCom) or Bachelor of Business (BBus) degree at the University of New South Wales, the University of Technology Sydney, Macquarie University, or the University of Western Sydney.

    The firm provides 3 hours paid study leave per week to attend University. This can either be taken at the one time or broken between days depending on the individual’s requirements. In addition, the Firm provides paid study leave for both mid-semester and end-of-year exams.

    We take the work life balance very seriously at Wybenga & Partners and our cadets are encouraged to have a fulfilling life outside the office. A typical day will have you arriving at the office at around 8.30am with most days concluding at 5.30pm.

    What Are the Benefits of Accounting Cadetships with Wybenga and Partners?

    Our cadets benefit from the following:

    • Career path – on completion of their degree our cadets have significant practical experience which will assist them in advancing their careers.
    • Work helps your studies – by working full-time our cadets are able to apply their practical knowledge in the university subjects.
    • Camaraderie with other cadets – the Firm has a number of cadets at various stages of their career.
    • Mentoring – cadets are paired with a senior staff member who oversees their progress and training both at work and with their studies.
    • Communication and feedback – the Firm has an open door policy which enables all cadets to interact with all members of staff including Directors.
    • Culture – the Firm promotes a friendly social culture with a number of functions throughout the year.
    • Modern environment – including ‘socialising’ areas such as pool table and break out area.
    • Training – ongoing support and technical training. We also provide internal and external training on a monthly basis.
    • Remuneration – working full-time provides a market salary and independence with salaries being reviewed every 6-months.
    • Professional registered tax agents – Wybenga & Partners are registered tax agents with the Tax Practitioners Board. We use our years of experience and professionalism to provide the best advice and education to you, helping you build your career effectively.

    What Happens When I Complete My Degree?

    The completion of your degree is the first step of what we hope to be a long and successful career with us. The next step is the commencement of your CA Program with the Institute of Chartered Accountants Australia and New Zealand whilst at the same time continuing your employment with us.

    A number of cadets have progressed to Seniors, Managers, and Directors within the firm.

    Who Should Apply?

    Current Year 12 students or first/second year University Students who:

    • want to commence their career in accountancy;
    • are due to commence or are currently completing a part-time business or commerce degree at university with an accounting major;
    • want to gain valuable hands-on experience while completing their qualifications;
    • are looking for a friendly working environment;
    • are team players who display initiative;
    • have a commitment to self-development;
    • possess excellent personal presentation and communication skills; and
    • are motivated and mature minded.

    How Do I Apply for an Accounting Cadetship?

    To apply for a Cadetship position at Wybenga & Partners send us your details. Please also include in your covering letter why you wish to do a cadetship, include relevant qualities you possess, main interests / achievements, and any previous employment.

    Interested candidates should initially forward a resume/covering letter of no more than 3-pages. Please provide full details of contact information (telephone or e-mail).

    What If I Have More Questions?

    For further information about our Cadetship program, please send your enquiry to .

    Skilled Accountants

    Wybenga & Partners offers a stimulating work environment giving you the opportunity to develop your future success.

    Wybenga & Partners recognises and promotes that there is more to life than work. We know that your needs change and we provide support to balance your work, academic and lifestyle pursuits.

    We welcome enquires from trained accountants regarding a career with Wybenga & Partners. Please email us your details to .