One of the most popular questions we received from our clients over the past 6 months relates to the rules and regulations around the 3-year non-concessional contribution cap bring-forward rule. From 1 July 2014 the after-tax contribution cap increased to […]
The labour government recently announced it would be proposing two changes to the current superannuation system if they are elected into power. 1. Higher Tax on Super Contributions The first proposed change is to extend the additional 15% tax on […]
Some house keeping to alert you all to number of changes for SMSFs which apply for the 2012-2013 year. The most important to note are: Section A: Item 6 has been changed from Fund Auditor to SMSF Auditor. An SMSF Auditor […]
From 1 July 2013, the Rollover benefits statement (RBS) is changing. The new RBS must be used for all rollovers from this date. The new RBS has no current year contribution information. The 2014 SMSF Annual Return (SAR) is […]
The Stronger Super measures represent the Government’s response to the review of the governance, efficiency, structure and operation of Australia’s superannuation system. With respect to the SMSF Stronger Super measures, you need to be reminded of the critical aspects, which […]
On the 5th of April, the Minister for Financial Services and Superannuation – Mr Bill Shorten, issued a joint media release covering the Governments plans to Tax Earnings on Superannuation Assets which Support Income Streams. The Release is set out […]
Insurance within a Self-Managed Superannuation Fund (SMSF) can be part of an effective estate planning strategy but beware of the conditions of release for any payouts. Two major benefits of having insurance within your SMSF are: The full/partial deductibility of […]
The Superannuation Legislation Amendment Bill 2013 may increase the annual supervisory levy payable by self-managed superannuation funds (SMSF’s) to $300 for the 2013-14 financial year. The annual supervisory levy is paid by SMSF’s to the Tax Office to ensure that […]
The Treasury has released draft legislation into the taxation of superannuation fund assets upon the death of a member. Under the current legislation, investment earnings derived by a self-managed superannuation fund (SMSF) from assets supporting pensions are exempt from tax. […]
Trustees of SMSF’s are required by law to keep money and other assets of their fund separate from any money and assets that are either held by them personally or by a standard employer-sponsor or an associate of a standard […]
