Indexation increases contribution caps and the transfer balance cap Indexation ensures that the caps on superannuation that limit how much you can transfer into super and how much you hold in a tax-free retirement account, remain relevant by making pre-determined increases in line with inflation. To trigger indexation, the consumer price index (CPI) needed to […]
Read moreWe often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers. In general, all interactions between […]
Read moreAs a reminder, when concessional contributions are made into your super fund, commonly being amounts paid by your employer from your before-tax income or a personal contribution that you are claiming a tax deduction for in your personal tax return, they are generally taxed at a reduced rate of 15% – which can be a […]
Read moreIn brief Changes and actions Pre 30 June 2019 • Ensure that contributions are made and received by 30 June. If contributions are by EFT, ensure that the contributions is recognised in the bank account as at 30 June. • Where applicable, ensure minimum pension payments have been withdrawn from the fund’s bank account by […]
Read moreFrom 1 July 2018, Australians aged 65 years of age or older are able to make a $300,000 “downsizer contribution” into their superannuation fund, per person, from the sale proceeds of their family home. This was a 2017-18 budget measure as part of the package of reforms to reduce pressure on housing affordability in Australia […]
Read moreSELF MANAGED SUPER FUND ANNUAL RETURN All Self Managed Super Funds need to lodge an Self Managed Super Fund annual return with the ATO each year, in order to: Report income tax Report super regulatory information Report member contributions Pay the supervisory levy The lodgment and payment date for all Self Managed Super Funds that […]
Read moreAUSTRALIAN TAXATION OFFICE COMPLIANCE APPROACH The ATO compliance approach has traditionally focused on help and education. However, the ATO are concerned about the compliance of some Self Managed Super Funds. Therefore, the AT have increased their compliance activity on high-risk funds and the focus on timely lodgement. For Self Managed Super Funds, compliance activities will […]
Read moreThe payment standards contained in the super laws, the sole purpose test and the preservation rules, ensure money in your Self Managed Super Fund is paid to members only when they are legally allowed to have it. Penalties apply in circumstances where these requirements are not met. CASHING OF BENEFITS There are two forms of […]
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