Evolve Newsletter January / February / March Quarter

Super News

A reminder to clients of the changes to super in particular, contributions levels and the timing of contributions. If you are paying contributions they must be received by the fund prior to 30 June 2018 for them to be included as a contribution otherwise they will count to the next years contribution cap. Tax deductions can be claimed for contributions you personally make to your super in your tax return. Contact your adviser at Evolution if you wish to take advantage of this.

1. Concessional Contributions cap

As from 1 July 2017 all tax deductible contributions; employer; salary sacrifice and member contributions that you are claiming a tax deduction for must not exceed $25,000.

2. Division 293 tax

In the past Division 293 tax was paid on concessional contributions where the individual’s income threshold exceeded $300,000. From the 1 July 2017 the income threshold has reduced to $250,000.

3. Non-Concessional Cap

The balance you have in super at 30 June each year will impact the non-concessional contributions you can make the following year into super. For example;

Please note that the contribution eligibility rules still apply. Please contact your Evolution Adviser for further details.

4.Transitional Retirement Income Streams (TRISs)

In the past, the income supporting these TRIS’s was exempt from tax. From 1 July 2017 this income will be taxed at 15%. The ATO has also stated that a TRIS cannot convert automatically to an account based pension. We are watching this space and will let you know if anything needs to be done.

Given the changes in super it may be a good time to meet with your Evolution Adviser and review your Estate plan and retirement plans to ensure your goals are still on track.

Downsizer Superannuation Contribution

Prior to Christmas, legislation was passed that effectively introduced a new category of superannuation contribution – the downsizer superannuation contribution (DSC). The DSC is designed to encourage older Australians to vacate larger properties for smaller, easier to maintain homes while taking advantage of the opportunity to contribute more to their superannuation funds. The DSC will not count towards contributions caps or be affected by the total superannuation balance test in the year the contribution is made. It will, however, count towards the total superannuation balance and transfer balance cap (currently $1.6 million).

Talk to your Evolution adviser about your eligibility and the suitability of DSC for your financial position.

SMSFs and franking credits

There has been significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for franking credits received from Australian company dividends. The Self Managed Super Funds Association strongly opposes the proposal, CEO John Maroney saying that it “unfairly targets” one sector of the community who have been diligent in saving to be more self-sufficient in retirement. Visit our website www.evolutionadvisers.com.au to read more on the potential effects that this proposal will have on SMSFs.

Waves of Support

In February, Evolution Advisers presented the inaugural Evolution Charity Cup as part of Newcastle’s Surfest which raised almost $90,000 for the Mark Hughes Foundation.

The concept behind the event was that 19 local business teams participated not only in the tag team style surfing event, but each team committed to undertake fundraising for the Mark Hughes Foundation.

Evolution Director Darren Glover says the Evolution Charity Cup is an opportunity for combining business and pleasure with the added bonus of supporting a very worthwhile cause.

The event was taken out by the Sanbah Surf Shop team (Rhys Smith, Jesse Adam, Teale Vanner & Madi Pool) over Arcbuild, Maitland Toyota and KCE Gold in the Final.

A stiff nor’easter made conditions difficult for competitors but that didn’t dampen the enthusiasm and community spirit on the day, which saw Kentan Machinery win the highest fundraiser award and the opportunity to have legend Tom Carroll mentor their team. Kentan raised a massive $14,040.11.

To view photos and video of the day, please visit our website www.evolutionadvisers.com.au

Evolution was also proud to have contributed to the crowd funding campaign for the 2018 Surfest Women’s Pro ensuring that this deserving world class event keeps it’s place on the international surfing calendar.

Client Spotlight

The National College of Dance

Congratulations to Vicki Brown and Brett Morgan from the National College of Dance on taking out the win in the Performing Arts category at the Hunter Local Business Awards announced late last year.

National College of Dance provides after-school ballet, jazz, contemporary and acro classes from three years through to pre-professional full time accredited courses via it’s Registered Training Organisation. Purchasing the College in 2014, Brett and partner Vicki are proud of the growth that has seen it become the leading college for vocational dance in regional Australia, the award gives recognition to the hard work of a passionate team. “As an arts company we really try to push the boundaries of what we produce in classes and on stage, but as a business it felt so satisfying that we can be recognised as a successful Newcastle business”, said Vicki. Evolution prides itself on partnering with businesses such as National College of Dance helping them to achieve the very best results for their business and we wish them continued success.

Single Touch Payroll

reporting (STP) is a new reporting framework for substantial employers (20 or more employees), commencing from 1 July 2018. Under the new framework, employers will provide payroll and superannuation information to the ATO at the time it is created. Entities that report using STP will not have to comply with existing reporting obligations under the tax and superannuation laws.

Heads up!

We hear that the ATO are looking at Work Related Expenses

Happy retirement Warren!

Last month we said goodbye to Warren Hodgson as he embarked on his well-deserved retirement. Managing director Jane Beverley said “Warren, you’ve been integral in the success of Sefton and Loudon and Evolution and should be very proud of the difference you have made to many clients lives. You’ve had a very successful 49 year career, always being committed to the business, to our clients and to our team. I’ve personally had the honour of working with you for over 32 years and it’s been an absolute pleasure”. Farewell Warren and good luck for the future.

Golden Ticket

Evolution Advisers takes work / life balance seriously and have a number of initiatives in place to put our words into action. One such initiative is the “Golden Ticket”, a reward for good work and effort. Bookkeeper Brian Thurling recently used his golden ticket to attend a “Family Day” at his son’s work place, Pacific National Rail’s Greta Wagon and Locomotive Maintenance Depot. Brian says “I was in the company of my lovely wife Ann-Marie, my son Clinton, daughter-in-law Rachel and my precocious granddaughter Lara. There was a sausage sizzle, drinks, jumping castle, face painting, tours of the facility and the locomotives. We had a wonderful time. Many thanks to Christine and Evolution for the opportunity to spend quality time with my family.”

Courtney Banks


Courtney Banks

How long have you been at Evolution?

I’ve been with Evolution for 4 years

What do you enjoy most about working at Evolution?

We have a really great team here, and I love working with friendly people who are genuinely passionate about helping our clients. I also love that my job gives me the opportunity to really help people in their lives – whether it be helping them to achieve their dreams, or stepping in to provide certainty and comfort in some of life’s most difficult circumstances.

How do you like to spend your weekends?

I have young kids, so my weekends are largely taken up driving to soccer games or gymnastics practice, but aside from that I am generally spending time outside with my family going for walks around the lake or to the beach, or making my own soap!

What does your ideal retirement look like?

I LOVE travelling, so in my retirement I would like to take large chunks of time to explore and really immerse myself in different countries and cultures.

What Our Clients Have To Say

“During our association, Evolution have monitored our business activities and shown us how to improve the true worth of our company.” JAMES G. Vogue Shopfitting & Joinery.

Contact Us

Head Office

Unit 1, Building 2, 335 Hillsborough Rd, Warners Bay, NSW 2282, PO Box 305, Warners Bay, NSW 2282

P 4903 1111 F 4954 6799

Newcastle Office

380 Hunter Street, Newcastle, NSW 2300

P 4928 8900 F 4928 8950


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