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Meg on SMSFs: Facts and figures 2023/24

Meg Heffron
20 December 2023
4

In a monthly column to assist trustees, specialist Meg Heffron explores major issues on managing your SMSF.

Download Meg’s Facts and Figures 2023/24 for your records or print it out so you have all the latest information at your fingertips.

Personal tax rates & offsets

Superannuation contributions

Superannuation contribution caps

Superannuation benefits paid to members

Superannuation benefits paid on death

Total super balance

Total balance cap and transfer balance account

Superannuation funds

Disclaimer: The information, representations & statements expressed or otherwise implied in this article are based on laws in place at 30 June 2023, made in good faith and derived from sources and research believed to be reliable and accurate. Heffron Consulting Pty Ltd accepts no liability in respect of such representations or statements, whether by reason of negligence or any other matter whatsoever. This article is written without any specific knowledge of individuals’ situations. Any person acting upon such information without receiving specific advice does so entirely at their own risk. All rates are for the period 1 July 2023 to 30 June 2024 unless otherwise indicated. © Heffron Consulting Pty Ltd 2023.

Meg Heffron is the Managing Director of Heffron SMSF Solutions, a sponsor of Firstlinks. This is general information only and it does not constitute any recommendation or advice. It does not consider any personal circumstances and is based on an understanding of relevant rules and legislation at the time of writing.

For more articles and papers from Heffron, please click here.

Australian superannuation, contribution tax, SMSFs, super contributions, taxation

Heffron

20 December 2023
4

4 Comments

Chris
December 21, 2023

Great list and reminders. Some holiday study as well.

Arthur C
December 21, 2023

I would be appreciated if you could comment on my situation. I have a SMSF $1.7M tax free pension which made up from combination of CSS and my own fund. The CSS was not taxed until last year. This means that my $1.7M tax free pension is reduced. This because the original portion of the CSS component is no longer tax free. How can I top up my tax free threshold of $1.7M and who do I approach?. My accountant said the Legislation do not allow me to top up, is this correct?.

Joan Grant
December 21, 2023

The CSHC income thresholds were updated on 20-Sept-23 to $95,400 pa for singles and $152,640 pa for couples.

Gaston
December 23, 2023

Any idea of how the Relevant number is calculated

I would appreciate an example where i can include my personal portfolio outside super + my total super to work out ( using the deeming ) for centreLink

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