News : Contributions

Compliance, Contributions, Legislation, Regulation, Strategy

Likely EOFY retiree contribution issue

A specific interaction between super and tax law means a small group of retirees may face a narrow window of time in which to make contributions.

A specific interaction between super and tax law means a small group of retirees may face a narrow window of time in which to make contributions.

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Contributions

Downsizer ownership rules can be strict

The ownership rules required to be satisfied before an SMSF member can make a downsizer contribution can be inflexible in some scenarios.

The ownership rules required to be satisfied before an SMSF member can make a downsizer contribution can be inflexible in some scenarios.

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Contributions

NCC increases reopen bring forwards

The increases in the non-concessional contribution caps will require advisers to more frequently review whether clients can use bring-forward strategies.

The increases in the non-concessional contribution caps will require advisers to more frequently review whether clients can use bring-forward strategies.

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Contributions, Property

In-specie contribution reserving valid

Changes to the superannuation rules mean the use a reserving strategy to make an in-specie contribution to an SMSF may be possible.

Changes to the superannuation rules mean the use a reserving strategy to make an in-specie contribution to an SMSF may be possible.

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Contributions

Cents make no sense

Trustees making personal contributions to super need to be aware of how the ATO treats amounts that are not made in whole dollars.

Trustees making personal contributions to super need to be aware of how the ATO treats amounts that are not made in whole dollars.

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Compliance, Contributions, Pensions, Tax

Min pension effects contribution status

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

Failing to pay minimum pension amounts can compromise the ability of an SMSF member to claim a deduction for personal contributions.

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Contributions, SMSF

Threshold, cap change will pick up pace

The larger the transfer balance cap and contribution caps become, the more likely they are to change, creating opportunities to revisit them.

The larger the transfer balance cap and contribution caps become, the more likely they are to change, creating opportunities to revisit them.

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Contributions, Tax

Contribution claims still confusing advisers

Advisers are still confused about the process of claiming a personal deductible contribution, which requires more than just lodging a notice of intent.

Advisers are still confused about the process of claiming a personal deductible contribution, which requires more than just lodging a notice of intent.

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Contributions

Work test exemption worth consideration

SMSF members between the ages of 67 and 75 should consider the work test exemption if planning to make a personal deductible contribution.

SMSF members between the ages of 67 and 75 should consider the work test exemption if planning to make a personal deductible contribution.

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