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Concessional contributions cap for 2013/14

Published October 1st, 2013 Posted By iCare Super

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 amounts over the cap 31.5% (in addition to the 15% paid by the super fund) In the 2012-13 Federal Budget the government announced that from 1 July 2012, individuals earning income of more than $300,000 will have their contributions tax rate increase from 15% t...




What happens if minimum pension requirements are not met

Published February 1st, 2013 Posted By iCare Super

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 minimum pension payment is made in the coming year - ATO can exercise the discretion to treat the pension as continuing if certain conditions are met (see below) The conditions for a pension account to continue: - It is a small underpaym...




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

Published December 19th, 2012 Posted By iCare Super

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 cover for members •declaration that trustees of SMSFs are aware that they do not have access to the government's financial assistance program in case of financial loss due to fraudulent conduct or theft. In Self-managed super funds - key messages for truste...




Certain arrangements to acquire property by SMSF contravene super law

Published November 26th, 2012 Posted By iCare Super

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 arrangements entered into by an SMSF to invest in property are properly implemented, particularly those involving limited recou...




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

Published October 25th, 2012 Posted By iCare Super

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 been paid out of the SMSF. This starts from 1 July 2012. 2. Superannuation proportioning rule will be amended to ensure it does not apply to transactions that are beyond the control of individual members. The proposed changes seek to provide greater certainty around ...




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Concessional contributions cap for 2013/14
  • Concessional contributions include: -employer contributions (including contributions made under a salary sacrific...


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