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Category: News

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

ATO SMSF Compliance program 2012-13
29 Aug, 2012

In 2012/13 financial year, the focus of ATO SMSF compliance activity will be on: new trustees, to ensure they can operate their SMSF and are not seeking to illegally access their retirement benefits lodgment of fund annual returns to improve timeliness and also, in the case of new funds, to ensur..Read More

New requirements for SMSF electronic lodgement
20 Aug, 2012

The SMSF annual tax return combines income tax, regulatory and member information reporting obligations. From 1 July 2012, the SMSF annual tax return will not be able to be lodged electronically if: - no assets are nil at the end of financial year, or - member balances are nil at the end of finan..Read More

Roll over a Term Allocated Pension (TAP) from industry fund to a SMSF
14 Aug, 2012

It is very important to examine when the Term Allocated Pension commenced because the Asset- test exemption (ATE) may apply. - Term Allocated Pension (TAP) purchased prior to 20 September 2004 are eligible for a 100% asset test exemption - TAP purchased from 20 September 2004 to 19 September 2007 ..Read More

Key updates for SMSF advisers and trustees
27 Jul, 2012

The following is an update for the SMSF industry that covers most important facts and figures for the 2012/13 financial year: 1. Concessional contribution limit: $25,000 per member: Contribution cap $50,000 for members over the age of 50 with less than $500,000 super balance has been deferred until..Read More

SMSF Auditor Registration Starts 1 July 2013
18 Jul, 2012

Auditors will need to meet the following requirements to be registered as an SMSF auditor from 1 July 2013: hold a tertiary accounting qualification that includes an audit component or have successfully completed study in audit as part of a professional accounting body program; meet a fit and pro..Read More

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