Category: Blog
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
Condition of release – the cessation of an employment arrangement for a SMSF member aged 60 to 64!
Where a member of SMSF, aged 60 to 64, is in two or more employment arrangements at the same time, the cessation of one of the employment arrangements is the condition of release in respect of all preserved superannuation benefits accumulated up until that time. The occurrence of the condition of..Read More
Key updates for SMSF advisers and trustees
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
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 p..Read More
SMSF Contribution Reserving to Avoid Excess Contribution Tax
This occurs in the circumstances where a contribution is made to superannuation in June, and if it results in excess contributions for the member for that particular financial year, it could be reserved and allocated to the member’s benefit in July. This results in the contribution being counted u..Read More
Refund of Excess Contributions for SMSFs
As announced in the 2011/2012 Federal Budget, the Government proposed to introduce a one-off reprieve for taxpayers who exceed their concessional contribution cap.This reprieve will be in the form of the taxpayer requesting a refund of up to $10,000 of an excess concessional contribution, whereby th..Read More
Auditor obligations regarding collectables in SMSF
The ATO has stated that an approved auditor is required to: - conduct the audit in accordance with the Australian Auditing Standards and the Standards on Assurance; and - examine and form an opinion as to whether the fund has complied with all provisions of the SIS Act, including the sole purpose te..Read More
Dealing with accidental excess contributions in SMSF
Dealing with Accidental Excess Super Contributions: Can the ATO Exercise Discretion? Making extra contributions to your super can be an effective way to build your retirement savings. However, mistakes can happen. An employer may pay contributions in the wrong financial year, a late super guarantee..Read More
Premium SMSF Services with iCare Super – Complete Service and Peace of Mind
Managing your superannuation can be complex, especially if you run a self-managed super fund (SMSF). At iCare Super, we provide a comprehensive SMSF service designed to give you confidence, save time, and ensure your fund complies with all regulations. Why Choose iCare Super for Your SMSF? Com..Read More