$1.6 million transfer balance cap Amongst those changes introduced in the 2016 Budget was the $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions. This new limit on superannuation will apply from 1 July 2017 and creates additional responsibilities for SMSF trustees. The main issues you need to be aware […]
CGT Relief The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which provides CGT relief for members who are transferring assets out of retirement phase in 2016/17 to comply with the changes. In essence, the legislation allows you to reset the cost bases of […]
Over 65 work test for contributions Work Test over 65 years still exists In the 2016 Budget announcements the work test was going to be removed – however this was reversed several months later. Making concessional or non-concessional contributions for over 65’s is is possible, however you need to be aware of the rules. […]
When is an Actuarial Certificate Required? In an address to the Tax Institute in March 2015 Matthew Bambrick, ATO Assistant Commissioner for Superannuation, presented ‘some guidance around calculating and reporting ECPI (Exempt Current Pension Income). The common industry practice of Segregating Assets part way through the year and not obtaining an actuarial certificate was singled out as needing to change. […]
Business Owners and SMSF Super Contributions I was cleaning up my office at home over the Holiday period and came across some old “Money” magazines. Picking up one that had a special feature on superannuation and business owners from October 2002, I flicked through the articles and was interested to see how much things had […]
5 SMSF pension mistakes that accountants make The SMSF pension rules can be a minefield to negotiate and it is so difficult for accountants in public practice keep up with all the changes to GST, Tax, FBT, Etc. Etc. let alone pensions that you may not come across very often. I see mistakes when dealing […]
Your Children in your SMSF The average Australian SMSF has 1.8 members, less than 10% of these have more than 2 members within the fund. This in term collates with other research, suggesting that SMSFs, are now becoming the ‘Mum and Dad Fund’. Over the past decade, we have seen an increase in the diversification of […]
