At Stellar Super we are passionate about helping our clients get the most from their Super ~ what we deliver is confidence in the Super Advisory process. This purpose combined with our experience means we have the unique ability to provide a painless experience with the whole journey effectively being managed through one partner who is there for every step of the process to ensure our client’s needs are interpreted and implemented. We know from experience the best result is achieved through a high level, high touch experience, involving close collaboration with the client and delivering on the promise. Achieving quality outcomes for our clients that results in building trust and enhances our reputation is ultimately what drives us and what we do better than anyone else.
The Stellar Team
What client’s say
Starting up an SMSF was one of the best decisions for my family and I. With the help of the Stellar, I was able to purchase my business property through the Fund and pay the rent straight back in. Since doing this, I have seen a large increase in the Fund balance as well as a decrease in my annual tax bill! This set up is much more beneficial for me, and my family in the long run, as all of the rent that would usually be paid to a third party, gets to stay in the family and provide for our retirement. They took all of the stress out of buying a property and I found the Stellar team extremely helpful and knowledgeable about the processes.
Stellar Super have made my transition into retirement so much smoother than I could have imagined. After reviewing my goals and current situation, they recommended that I start a Transition to Retirement Income Stream (TRIS), as I am over 60, it meant that I could take these payments tax free. This second income enabled me to decrease my days at work, whilst not losing any of the income that our household functionality relied on.
I came to Stellar Super because my wife and I felt that we needed a more in-depth look at our SMSF. After discussing our situation with the team, it was identified that the pensions we were taking exceeded the amounts that we needed to sustain our lifestyle, and a re-contribution strategy was suggested. This particular strategy helped us sustain a sizeable balance in the Fund, whilst also decreasing the taxable amounts of our member balances so that our adult children would benefit from the tax savings when we pass on.
There are a couple of small audit contraventions, that can easily and unknowingly occur, that can cause BIG headaches:
1. Not getting back to the auditor on time S.35C(2)
Trustees must ensure that requested relevant documents are given to the auditor within 14 days of the request being made. S.35C(2) is one of the regulatory requirements which includes a statutory time. If the contravention is a breach of a statutory time by more than 14 days, then the contravention must be reported. In other words, it is a reportable breach if it takes a trustee more than 28 days to provide documents requested by the auditor.
So, when we are requesting documents off you, please respond in a timely manner.
2. Bank overdraft S.67
Generally, SMSFs are prohibited from borrowing money. There are only limited circumstances in which SMSFs can borrow money, such as when borrowing to settle securities (where borrowing is less than 7 days and 10% of the value of the fund’s assets) and borrowing to pay beneficiaries (where the borrowing is for less than 90 days and 10% of the value of the fund’s assets).
When the balance of an SMSF’s transaction bank account is running low, the bank account may go into overdraft.
Regardless of the amount of overdraft, the contravention rules still apply. If the amount is small, it is not reportable in the first year, but if the bank account is overdrawn for two years in a row, it must be reported to the ATO.
Steps for Trustees:
- Please reply to our auditor queries within 14 days of us requesting information; and
- Please ensure that there is sufficient funds within the SMSF bank account for all expenses or transfers.
We have had enquiries on the increase of the general transfer balance cap, the amount of super that can be in pension phase, from $1.6 million to $1.7 million from 1 July 2021.
When the general transfer balance cap is indexed to $1.7 million, there will not be a single cap that applies to all individuals. Every individual will have their own personal transfer balance cap of between $1.6 and $1.7 million, depending on their circumstances.
When we are reviewing your 2021 SMSF compliance and tax work, we will advise you what your individual caps will be. Until then we are unable to advise on an individual basis.
We will be in touch in due course and should you have any queries in the meantime, please contact our office at.
For additional details please review the information above, and more, at: https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/Indexation-of-Transfer-balance-cap/.
2020 Lodgements are all done!
We are proud to announce that we have lodged all 2020 SMSF tax returns on time and are already getting prepared for the 2021 financial year.
With the Federal Government Budget being announced we were pleased with the superannuation updates, we especially hope to see the work-test being abolished, for those 74 and under, for non-concessional contributions and will keep you updated on this.
We are also incredibly proud to announce that we have been named a National Finalist for SMSF Firm of the Year and our Director, Brooke Hepburn-Rogers is up for Partner of the Year, for the 2021 Australian Accounting Awards, the winner will be announced June 18 at the Star Casino in Sydney. It is such an honour to be recognised at such a prestige level.