News : Contributions

Compliance, Contributions, NALI/NALE

NALI sidestep may breach other rules

Self managed superannuation fund, Self managed super, SMSF, trustee, NALI, reimbursement, fund expenses, non-arm’s-length, ASF Audits, Shelley Banton, property, deposit, contribution, non-arm’s-length income, NALI, compliance breach, auditor contravention report, ACR

An SMSF reimbursing a trustee for fund expenses may avoid NALI, but can create other breaches under superannuation law.

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Contributions, NALI/NALE

In-specie transfer not a NALE trigger

An in-specie transfer an SMSF member makes with no purchase amount should not trigger the non-arm’s-length expenditure provisions.

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Contributions

Co-contribution can trigger bring-forward rules

Advisers should be aware government co-contributions, despite their modest size, may still interfere with strategies based around non-concessional contributions.

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Contributions, Tax

Timing key for CGT-linked contribution

SMSF, self managed super, CGT, contribution, deductible contribution, capital gains tax, Accurium, Lee-Ann Hayes, property, SMSF Professionals Day 2025

The timing of a deductible contribution to an SMSF is critical when implementing a strategy involving a capital gains tax event.

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Contributions

In-specie contribution receipt varied

In-specie contribution, receipt, SMSF, self managed super, Accurium, Jason Hurst, Taxation Ruling 2010/1, beneficial ownership, direct shares, property, SMSF Professionals Day

Specific practicalities must be taken into account for different asset classes when officially recognising in-specie contributions.

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Contributions

Avoid post-return reallocations

SMSF, self managed super, contribution allocation, reallocation, annual return, false declaration, Heffron, Lyn Formica

Reallocating a contribution after financial statements have been lodged is unethical and may lead to penalties for those who engage in this behaviour.

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Contributions, Documentation, Investments

Hybrid asset acquisition allowable

SMSF, self managed super, Hybrid asset, asset acquisition, in-specie contribution, LCR 2021/2DC, Accurium, Anthony Cullen, contract

An SMSF asset purchase can be executed using a payment from the fund and an in-specie contribution as long as a stipulated process is followed.

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Contributions, Regulation, Superannuation

Industry calls for payday super delay

Payday Super, Treasury, submission

A consortium of financial services industry groups have asked Treasury to extend the start date of payday super by two years.

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Contributions, Downsizer, SMSF

Marriage length has no downsizer impact

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

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Contributions

Check bring forwards to avoid blowout

bring-forward strategy, contributions, non-concessional contribution bring-forward strategy, total superannuation balance, TSB, MLC, Mark Gleeson, Financial Services and Credit Panel, FSCP

Checking that clients don’t have an existing bring-forward strategy in place is essential for advisers looking at maximising contributions and avoiding sizeable excesses.

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