The Government has moved quickly on their 5 April 2013 announcements to increase the concessional contribution (CC) cap, with Treasury releasing of an exposure draft (for industry consultation) which outlines details proposed increases from 1 July 2013. The increase in the CC cap is to be phased in, with an: increase to $35,000 from 1 … Continue reading »
The growing interest of property investment within self-managed super funds has certainly extended to individuals looking to undertake some of the property improvements themselves to build retirement savings (e.g. builders). Recent discussion within the NTLG Superannuation Technical Sub-group (March 2013) looked at the issue of a related party undertaking improvements to a property at no … Continue reading »
After speculation of changes to superannuation reached fever-pitch, we saw today the Treasurer, Wayne Swan and Minister Bill Shorten announce reforms to address issues of adequacy and sustainability for the long-term future of superannuation. It’s pitch was clear, fairer super for all Australians. It is important to remember, these are simply announcements to be delivered … Continue reading »
![Dunno? Dealing with contributions made in error [VIDEO]](http://i2.wp.com/thedunnthing.com/wp-content/uploads/2013/01/dunno_post.png?resize=290%2C290 "Dunno? Dealing with contributions made in error [VIDEO]")
I regularly get asked questions from readers through my blog on issues and strategies relating to self managed super funds, so why not bring these to ‘life’ by starting a new regular weekly blog, “Dunno: ask a question”. Each week I will hand-pick a reader question and respond with a video, audio (blogcast) or written … Continue reading »
A Happy New Year to all my readers… With the SMSF industry growing strongly, 2013 is likely to provide one of the most challenging and competitive (yet rewarding) periods for SMSF professionals. The year ahead will require practitioners to ‘step-up to the plate’ and be ready for many of the reforms that will reshape the … Continue reading »
It’s been a fascinating year… an Olympic year, with golden memories from London, a diamond jubilee, a Korean named Psy had a billion visits on YouTube in just five months, and the world still lingers on the precipice of further economic turmoil. It is this global uncertainty that has arguably continued to have the biggest impact on superannuation and … Continue reading »
The ATO has recently updated its website with the latest statistics regarding excess contributions tax (ECT), which continues to show individuals predominantly getting caught with their concessional contribution (i.e. salary sacrifice arrangements). After a 314% increase in ECT notices in 2009-10, there has been a reduction again in 2010-11 to date, however it is significantly … Continue reading »
The strategy of in-specie contributions of listed shares into a self-managed super fund has been a popular one for many years. I still live in hope that the Government will not proceed with the proposed prohibition of off-market transfers to an SMSF from 1 July 2013 (still no news to report!). Where an individual makes an … Continue reading »
The introduction of the Simpler Super reforms saw many SMSF members commute their complying income streams (defined benefit pensions) that were previously established to ‘compress’ benefits under the old RBL system. The removal of RBLs saw many members wanting a simpler and more flexible income stream, with monies supporting these complying pensions being able to … Continue reading »
Deciding to take on the Commissioner with Excess Contribution Tax (ECT) assessments was becoming a daunting task, with a perfect record that started to look a little like Black Caviar’s!! Well, the last couple of cases has seen the taxpayer land knockout blows against the Commissioner at the Administrative Appeals Tribunal (AAT). After tasting defeat … Continue reading »