Category: Blog
2018-19 Federal Budget Measures- SMSF
The major changes in regards to SMSFs are listed as below: Preventing inadvertent concessional contribution cap breaches: from 1 July 2018, the Government will allow individuals whose income exceeds $263,157 and who have multiple employers to nominate that their wages from certain employers ar..Read More
Downsizing contributions
From 1 July 2018, you can contribute up to $300,000 from the proceeds of selling your home to your SMSF. You only can make downsizing contributions once off only. Your downsizer contribution will not be affected by the total superannuation balance test or count towards your contributions caps ..Read More
ATO to focus on SMSFs
ATO will focus on the following SMSF compliance issues: all SMSFs must ensure that assets in their fund are appropriately valued with relevant valuations supported by objective evidence and data in the coming months, SMSFs should establish whether their members are affected by the new tran..Read More
Guidance for SMSFs about transitional Capital Gains Tax (CGT) relief
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
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
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
iCare Super is specialist accounting and advisory practice focusing on SMSFs, with a large and growing client base across Australia. Join our dynamic team at iCare Super, where we excel in delivering top-tier services to SMSF trustees, accountants, financial planners, and brokers. As we expand ra..Read More
Concessional contributions cap for 2013/14
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
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 p..Read More
ATO has made changes to Trustee declaration (NAT 71089) and Self-managed super funds – key messages for trustees (NAT 71128).
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..Read More