Things you might want to consider before budget night
Contributions / Federal Budget / SMSF

Things you might want to consider before budget night

We have seen the discussion around superannuation tax reform increase significantly over the past month or so with the Government now disbanding the release of the tax white paper, but many of these recommendations will now form part of their tax reform package on Federal Budget night.  With the Coalition Government deciding the take the ‘long-road’ to fixing … Continue reading »

10 things you need to know about using a contribution reserve
Contributions / Professionals / SMSF / SMSF Strategy

10 things you need to know about using a contribution reserve

The use of a contribution reserving strategy with SMSF trustees is one of the more popular strategies for individuals to utilise where they may have abnormally high levels of income for a financial year (e.g. CGT event) or where an employee may receive a bonus that can be salary sacrificed into their SMSF.  Since the ATO initially released … Continue reading »

Reforming excess non-concessional contributions tax
Contributions / Federal Budget / SMSF / SMSF Compliance

Reforming excess non-concessional contributions tax

In what is seen as the final piece to reforms of the excess contribution tax puzzle, we have now seen Treasury release for consultation, draft legislation on reforming excess non-concessional contributions tax as outlined in the 2014-15 Federal Budget.  Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014: Excess non-concessional superannuation contributions tax … Continue reading »

How does the Budget repair levy affect super?
Contributions / Federal Budget / Professionals / SMSF

How does the Budget repair levy affect super?

As the pain of the Federal Budget starts to set in, the Budget Repair Levy looms large not just for individuals on the top marginal tax rate, but it will also have an impact on superannuation rates that are linked to this highest tax rate. With the Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair … Continue reading »

How will refunding of excess non-concessional contributions work?
ATO / Contributions / SMSF / SMSF Compliance

How will refunding of excess non-concessional contributions work?

Whilst the issues of excess non-concessional contributions have not been anywhere near as extensive as concessional contributions, regular problems have existed for individuals who were subject to a punitive tax at the top marginal tax rate for breaches of this post-tax contributions cap. In the Federal Budget, the Government announced that it will allow for … Continue reading »

Look ahead to plan your non-concessional contributions
Contributions / SMSF / SMSF Strategy / Trustee education

Look ahead to plan your non-concessional contributions

The use of the bring-forward rule with non-concessional contributions (NCC) has certainly been a popular strategy amongst self-managed super fund members, utilised extensively since 1 July 2007 with cash contributions, in-specie asset transfers and re-contributions.   Since the inception of these contribution caps, interestingly the non-concessional contribution cap has never indexed from its $150,000 limit, … Continue reading »

Contribution caps on the rise
Contributions / Professionals / SMSF / Trustee education

Contribution caps on the rise

Following a temporary freeze on the indexation of the concessional contribution caps for two years by the former Labor Government, the 2014-15 financial year will finally see indexation increase of the current $25,000 cap up to $30,000.  The Australian Taxation Office has recently updated their key rates and thresholds, confirming the indexation of the concessional … Continue reading »

SMSF Podcast Show – Episode #3
Contributions / Podcasts

SMSF Podcast Show – Episode #3

Thank-you to everybody for the continuing positive feedback about the SMSF Podcast show.  It’s great to have so many people sharing ideas for topics and speakers.  We’ve got some great content lined up for the upcoming weekly shows. In this week’s show, I am joined by SMSF industry ‘guru’, Peter Burgess who is the Head … Continue reading »