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Category: Blog

Guidance for SMSFs about transitional Capital Gains Tax (CGT) relief
13 Feb, 2018

ATO has published Guidance for SMSFs about transitional Capital Gains Tax (CGT) relief. You should read this information for: detail about eligibility for the relief detail about how the CGT relief provisions operate, including how they apply to an SMSF paying a transition-to-retirement ..Read More

SMSF statistics
23 Jan, 2018

The ATO has published September 2017 quarterly self-managed super fund (SMSF) statistical report.  Some of the statistical highlights from this quarter's overview include: total number of SMSFs has increased to 598,620 total members of SMSFs is 1,130,721 total value of estimated SMSF a..Read More

SMSF lodgement extention
19 Jan, 2018

We are very happy to advise all our SMSF clients that ATO has extended the SMSF lodgement due date from 15/05/2018 to 30/06/2018. Reason being is that ATO believe SMSF trustees and SMSF professionals or specialists need more time to deal with the new regulatory SMSF reform and SMSF legislative ch..Read More

Careers opportunities
18 Jan, 2018

iCare Super is a SMSF specialist practice and has a large growing SMSF client base in Australia. We provide high quality services to SMSF trustees, accountants, financial planners and brokers. As a rapidly growing organisation, we always want motivated professionals to join us.  We focus on empl..Read More

Concessional contributions cap for 2013/14
01 Oct, 2013

Concessional contributions include: -employer contributions (including contributions made under a salary sacrifice arrangement) -personal contributions claimed as a tax deduction by a self-employed person. Financial years 2013 - 2014 $25,000 (up to age 60) $35,000 (Age 60+) Tax on amou..Read More

What happens if minimum pension requirements are not met
01 Feb, 2013

ATO has clarified what the consequences are if minimum pension payment is not made: - A pension account ceases form the beginning of the financial year. The payments made already are lump sum withdraws. The SMSF will not be able to claim exempt pension income - A new pension starts if the minimu..Read More

ATO has made changes to Trustee declaration (NAT 71089) and Self-managed super funds – key messages for trustees (NAT 71128).
19 Dec, 2012

As a result of ATO review, changes have been made to both documents. The most notable changes to the 2012 version of the Trustee declaration are the following inclusions: requirement that the investment strategy be regularly reviewed consideration of whether the fund should hold insurance cov..Read More

Certain arrangements to acquire property by SMSF contravene super law
26 Nov, 2012

ATO has recently issued Taxypayer Alert TA 2012/7 that describes certain arrangements entered into by self-managed super funds (SMSFs) to acquire property which do not comply with super law. SMSF trustees and advisers need to exercise care when investing in property. It is important to ensure any..Read More

SMSF updates from Mid-Year Economic and Fiscal Outlook 2012-13
25 Oct, 2012

Key new tax and superannuation measures announced by the government include: 1. tax exemption for earnings (including capital gains) on assets supporting superannuation income streams to continue following the death of a SMSF member in the pension phase until the deceased member's benefits have bee..Read More

Obligations and responsibilities for SMSF trustees
29 Aug, 2012

New measures were introduced by Stronger Super on 7 August 2012 that require SMSF trustees: -       to conduct a review of the fund's investment strategy on a regular basis -       to consider insurance for fund members as part of the fund's investment strategy -       to value ..Read More

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