In the Media

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You can contact Aaron Dunn or Julie Bennett at 64Media to discuss any media releases and comments on topical SMSF matters.

Comments

May C says:

June 23, 2011 at 11:23 am

Hi Aaron,

Something on Flood Levy hoping you can help me out.

If a person received $3m ETP due to negotiated redundency and has a window of opportinity to concessional contribute $1m into a SMSF.

1. Will Flood Levy apply on $3m or $2m from the individual perspective?
2. Will the super fund be charged Flood Levy on the $1m received as it forms part of the ‘accessable income’ in the fund?

thanks for your help.

regards,
May C

Reply
- thedunnthing says:
  
  June 23, 2011 at 9:50 pm
  
  Hi May,
  
  It appears to be based solely on taxable income. See the ATO link to the Tax Laws Amendment (Temporary Flood Reconstruction Levy) Bill 2011. The revised explanatory memorandum within this link provides the most detail about it being based solely on taxable income.
  
  Regards,
  Aaron
  
  Reply
  - May C says:
    
    June 24, 2011 at 4:00 pm
    
    thanks for the pointer. Been great help
May C says:

September 6, 2011 at 12:21 pm

Hi Aaron,
How’s things with you? Issue on fully segregated assets I encountered and wishing for some pointers …

A client has fully segregated assets in SMSF and has 2 bank accounts. 1 to back the pension another for accumulation. He has paid all the expenses from the accumulation bank account.

Is he allowed to pay all expenses from the accumulation bank account? or he has to pay the pension portion from the pension bank account?

Could he ‘reimburse’ the pension expense portion to the accumulation account? How could he maintain a ‘clear relationship’ between the pension and accumulation?

I tried searching the net but it does not appear to have much discussion on this … Hope you are well & thanks in advance

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