There are four factors that contribute to better Super outcomes: Contributions, Expenses, Investment Returns & Tax. Mastering the four factors will revolutionise how you grow your Super. But you can’t master it if you are working on outdated information.
Planning has immense power to improve your SMSF performance, but to plan properly you need the most up to date information available. The most up to date SMSF is Supervision’s mission.
Concessional contribution limits change every year and you may have an increased limit depending on the year and how old you are. If you haven’t factored an increased limit into your calculations, you may be missing an opportunity to grow your SMSF faster and reducing your personal taxable income by salary sacrificing up to your concessional limit. Do you know what your current concessional and non-concessional contribution limit is? Have you recently turned 50? Did you know the caps have changed?
If you want to plan your contributions, why not login and view all your employer and non-concessional contributions on the one screen and your annual limits. Within a few clicks you know how much more you can contribute without breaching the contribution cap. Salary Sacrificing to the maximum has never been easier than with the advanced systems and the way that Supervision process your transactions all year round.
All of your SMSF expenses are available in “My Portfolio”. You can compare year by year how much your SMSF is costing you. Fee transparency is so important when planning your SMSF. Examples of SMSF expenses are investment and accounting fees. Examining how much your SMSF is costing you is part of your responsibilities and every dollar that you save is a dollar earned by your SMSF. If your SMSF investments are working hard for you, then compounding interest will magnify these savings.
For some, actually knowing the rate of return on your SMSF is revolutionary. For Supervision SMSF customers, not only do they get a historical performance evaluation, but we provide income forecasting and comparisons with benchmark indices. Facilities to compare the market in general can put into perspective investment performance. If you feel that your investments are not performing as they should, a comparison to the market as a whole can put your recent performance into perspective. It is rare to outperform the market all of the time.
Capital Gains and Unrealised Capital gains is live in your SMSF, so at any point in time, you can get a clear picture on the capital gains performance of your investments including any discounts. If you have purchased listed securities in parcels, each parcels taxable position is listed and evaluated. All of your SMSF tax details from previous periods is also available.
Putting it all together in an Overall Tax Plan
Even if you have all of this information, how do you put it together so all of the parts work efficiently. Our annual SMSF meeting with our Senior Accountant will help to put the pieces together.
“My Portfolio” has the power to change how you deal with your SMSF. We strongly urge you to login today, have a look around, ask questions and push the boundaries of your understanding. If you have lost your password, you can get a new one by clicking on the “Forgotten Password” link on the login screen. To go to “My Portfolio” now please click here. If you do not have access, please call our office today and set it up over the phone in 5 minutes.