There have been many advisers and trustees alike looking to build strategies around the interpretation the Commissioner’s decision outlined in ATO ID 2012/16, which deals with the timing of concessional contribution allocations. The facts of this interpretive decision effectively allow for the taxpayer to “double dip” on the concessional contribution tax deduction in the current … Continue reading »
Tag Archives: non concessional contributions
ATO / Contributions / SMSF
Changing landscape when dealing with excess contributions?
Much has been talked about of the budget announcements impacting contributions, in particular a flat $25,000 concessional contribution cap that will apply across all individuals from 1 July 2012. Whilst concessional contributions have been impacted, non-concessional contribution amounts will remain at $150,000 p.a. with the bring forward rule available for those under age 65. Given the … Continue reading »
ATO / Contributions / SMSF / SMSF Compliance
Excessive in Deed? Maybe not in this SMSF
In late November 2011, the ATO updated their website with a release regarding the withdrawal of Taxpayer Alert 2010/2. This document, titled “Fund rules intended to prevent excess contributions tax” outlines the ATO’s reasons for its withdrawal. Interestingly, at the same time, as part of Government’s announcements in the Mid-Year Economic & Fiscal Outlook, it was … Continue reading »
Financial year-end planning for your SMSF
With the end of the financial year fast approaching, it provides an important time for SMSF trustees to turn their attention to a range of strategies leading up to 30 June. The following list provides some ideas, issues, and strategies that can be used (or need to be addressed) with your self-managed super fund before … Continue reading »
Minister Shorten confirms review into Excess Contributions Tax
It was very pleasing to read today in the Australian Financial Review, that Assistant Treasurer and Minster for Financial Services & Superannuation, Bill Shorten has confirmed that Treasury is reviewing the current Excess Contributions Tax (ECT) penalty regime and is looking at options to change the laws. The Minister was quoted as saying, “I am fully … Continue reading »
Webinar now uploaded on Dealing with Excess Contributions Tax
After a successful webinar today on the topical issues of “dealing with excess contributions tax”, I am pleased to advise that this session has now been uploaded to view. Click here to watch the recorded webinar. A copy of this recording can also be downloaded from thedunnthing box (right-hand side of the page). Areas covered … Continue reading »
SMSF Webinar on Dealing with Excess Contributions Tax
DOWNLOAD THIS WEBINAR FROM THE SMSF ACADEMY FREE RESOURCES AREA Excess Contributions Tax (ECT) has become a significant issue for many members of Self Managed Super Funds. With more than 65,000 notices already issued for the 2009/10 financial year, the impact of this penalty tax is having a significant impact on many Australian’s saving for … Continue reading »
Why the contribution rules have become unworkable
It is very pleasing to see the SMSF Professionals Association of Australia (SPAA) stepping up the fight to try and remedy some of the current inequalities around excess contributions tax (ECT). I have been presented with a client case recently where a change in employment (from running a consulting business to becoming an employee) will … Continue reading »
10 things to do with your SMSF before 30 June
With only a month until the end of the financial year, it is important for all trustees to consider a range of issues and opportunities to ensure that they are optimising the benefits of their SMSF. I have outlined below a list of 10 things to check and consider before 30 June: Ensure that you … Continue reading »