SMSF Updates
Dealing with accidental excess contributions in SMSF
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
ATO ID 2011/24 – Waiver of Disqualified Person Status for setting up a SMSF
This ATO ID considers what constitutes “serious dishonest conduct” and therefore what is sufficient for an individual who has been convicted of an offence to have that disqualified person status waived. This is relevant with respect to fund members who may be imprisoned. Section 126B(2)(a) of th..Read More
ATO ID 2011/77 – Payment of Death Benefit to Former Stepchild
The classification of a step-child has been an area of misunderstanding for some time. Effectively, this ATO ID confirms that where the legal marriage of the natural parent and the step parent has ended due to divorce, the step-child relationship also ends. This is relevant with respect to the class..Read More
SMSF Made Simple! DIY Super Made Easy!
iCare Super offers a complete service and peace of mind. We provide a premium SMSF service that represents value for money. ..Read More