SMSF Updates
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
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
New Self-managed superannuation fund independent auditor’s report
The ATO has released the new self-managed superannuation fund independent auditor's report that should be used for the SMSF audits conducted after 01 July 2012. See more information, click here...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