News : Contributions

Contributions

Avoid tax strategy contribution split

contribution reserving strategy, Accurium, Anthony Cullen, Contribution, ATO, National Tax Liaison Group

Best practice suggests a contribution reserving strategy should be implemented using two separate transactions even though it is not required legally.

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Contributions

Indexation glitch drops threshold

The increase in the SG rate, but the static nature of concessional caps will push down the maximum contribution base that applies to employers.

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Contributions, SMSF, Tax

Timing key for applicable TBC

Transition to retirement income stream, transfer balance cap. Craig Day, Colonial First State, SMSF Association National Conference 2025, Melbourne, transfer balance cap, 

Practitioners need to be mindful of the TBC applicable to a client who turns 65 in June in the wake of the indexation to take effect in July.

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Contributions

Work test has prior-year relevance

The work test is not just relevant for the financial year in which it applies to an SMSF member wanting to make a personal deductible contribution.

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Contributions

Third-party contributions delicate

superannuation contributions, SMSF, concessional contribution, Accurium, Anthony Cullen, transfer of assets, in-specie contribution, family trust, tax deduction

Contributions to an SMSF deemed to be made on behalf of a member by another party will count towards that person’s concessional cap.

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Contributions, Tax

Claiming deductible contributions correctly

Strict rules apply to making personal deductible contributions and adherence to them is crucial as the ATO has no related discretionary powers.

Strict rules apply to making personal deductible contributions and adherence to them is crucial as the ATO has no related discretionary powers.

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Contributions, Tax

Cap breach can improve tax components

SMSF members can enjoy an unexpected benefit with regard to the taxable component of their benefits subsequent to making a contribution in error.

SMSF members can enjoy an unexpected benefit with regard to the taxable component of their benefits subsequent to making a contribution in error.

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Contributions, Superannuation, Tax

Contribution can equal forgiven charge

An invoice issued by a trustee to their own SMSF for services but then forgiven can determine the value of the contribution needing to be recorded.

An invoice issued by a trustee to their own SMSF for services but then forgiven can determine the value of the contribution needing to be recorded.

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Contributions, Insurance, Superannuation

Clarity needed on insurance benefits status

Clarification is needed on the treatment of life insurance benefits inside superannuation after a draft tax ruling stated they could be viewed as income or contributions.

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Contributions

TBC does not prohibit NCCs

SMSF Self-managed superannuation non-concessional contributions total super balance transfer balance cap Accurium Anthony Cullen

A person can still make non-concessional contributions even if their total super balance exceeds the general transfer balance cap.

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