Category: Blog
SMSF updates from Mid-Year Economic and Fiscal Outlook 2012-13
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 b..Read More
Obligations and responsibilities for SMSF trustees
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
Deductibility of premiums for TPD cover paid by a SMSF
On 7 July 2012, the Commissioner issued TR 2012/6. The Ruling states that a complying superannuation fund can claim a deduction for an insurance premium on a TPD insurance policy paid for by the fund, if there is a connection between that payment and a current or contingent liability of the fund to..Read More
New requirements for SMSF electronic lodgement
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 f..Read More
ATO Self-managed super fund statistical report
The latest self-managed superannuation funds (SMSFs) statistical report is updated to December 2011. It includes the information on the SMSF population, asset allocation and quarterly establishment rates. -In December 2011, there were 458,561 SMSFs in Australia. -On average, there are about 30,0..Read More
Roll over a Term Allocated Pension (TAP) from industry fund to a SMSF
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
SMSF Trustees to value the assets at market value
The Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2) has been registered and requires trustees of self-managed superannuation funds (SMSFs) to value assets of the fund at their "market value" when preparing accounts and statements from the 2012–13 income year. A new operatin..Read More
Tax Free and Taxable components of Superannuation Benefits
As a member of a SMSF, your benefits normally comprise a Tax Free Component and a Taxable Component. You can see these two components in the Member Statements that iCare Super provides to you. Tax Free component consists of: -A contributions segment, which will consist of non-concessional con..Read More
Self-managed super funds and tax exemptions on pension assets
The tax application for capital gains and capital losses are different for segregated and unsegregated assets. If your SMSF only has used assets segregation method to support the pension accounts, you should ignore any realised capital gains or capital losses. In other words, the net capital will..Read More
Attaining preservation age itself is not a condition of release
Attaining preservation age itself is not a condition of release with a "nil" cashing restriction. Therefore, superannuation benefits transferred to a transition to retirement pension will retain the preservation status they had before they were transferred, i.e. unrestricted non-preserved, restricte..Read More