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Free SMSF Setup

Category: Blog

Tax Free and Taxable components of Superannuation Benefits
02 Aug, 2012

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
02 Aug, 2012

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
02 Aug, 2012

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!
27 Jul, 2012

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
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 an..Read More

SMSF Contribution Reserving to Avoid Excess Contribution Tax
26 Jun, 2012

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
26 Jun, 2012

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
14 Apr, 2012

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
14 Apr, 2012

Dealing with accidental excess contributions Before 17 November 2010 a taxpayer who had inadvertently breached the contribution caps had to wait until they received an excess contributions tax (ECT) assessment before applying to the Commissioner for exercise of his discretion pursuant to s. 292-465..Read More

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