News : Contributions

Contributions, Insurance, Superannuation

Clarity needed on insurance benefits status

February 11, 2025

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

January 29, 2025

Darin Tyson-Chan

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

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ATO, Contributions, Tax

Contributions deduction error fixed

December 19, 2024

Darin Tyson-Chan

The ATO has corrected an error in its procedures with regard to allowing SMSF members to claim a tax deduction for personal contributions.

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Contributions, NALI/NALE

How a contribution can trigger NALI

December 5, 2024

Shelley Banton

Practitioners must ensure clients adopt a new approach to SMSF asset acquisitions involving an in-specie transfer component for compliance purposes.

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Contributions, Downsizer

Downsizer not a co-contribution event

December 4, 2024

Darin Tyson-Chan

Eligibility to receive a government co-contribution to an SMSF is determined by the confluence of a few different pieces of legislation.

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Contributions, Insurance

Insurance favoured over super contributions

December 3, 2024

Lara Caughey

Australians are three times more likely to insure their car over themselves and will use extra super contributions to pay the premiums.

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Contributions

Contributions deductibility not a given

November 25, 2024

Darin Tyson-Chan

Certain circumstances or actions can prevent an individual from claiming a tax deduction for a personal superannuation contribution.

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Contributions

Contributions chief super advice issue

November 18, 2024

Darin Tyson-Chan

Superannuation contributions are the element of the current retirement savings framework financial advisers are finding most challenging.

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Contributions, Strategy

Use separate account for injury contribution

Personal injury Contribution Tax-free component Accumulation account Pension

November 7, 2024

Todd Wills

Directing a personal injury contribution into a separate super account can offer greater tax benefits as it helps maintain the tax-free status of the income stream.

Divorce doesn’t alter contribution rules

Non-concessional contribution Divorce AAT Total superannuation balance ATO Special circumstances

October 22, 2024

Todd Wills

The AAT has upheld an ATO decision that divorce-related superannuation splits are not special circumstances that alter how contribution caps will be applied.

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