News : Contributions

Contributions

Source of deductible contribution key

A personal superannuation contribution can only receive tax deductibility status if it originates from a particular source.

A personal superannuation contribution can only receive tax deductibility status if it originates from a particular source.

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Compliance, Contributions, Education, Estate Planning, Tax

Smarter SMSF improves education course

Smarter SMSF has upgraded its education offering to include all of the latest changes to the superannuation and tax legislation.

Smarter SMSF has upgraded its education offering to include all of the latest changes to the superannuation and tax legislation.

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Contributions

Contribution overage may not breach cap

Contributions that are over a person’s cap may not actually constitute a breach of the total amount an individual can allocate to superannuation.

Contributions that are over a person’s cap may not actually constitute a breach of the total amount an individual can allocate to superannuation.

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Contributions

Law distinction needed for NCC strategy

Practitioners and their clients need to understand how the interaction between tax and super law operates regarding some non-concessional contributions.

Practitioners and their clients need to understand how the interaction between tax and super law operates regarding some non-concessional contributions.

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Contributions, Division 296

Some contributions mask Div 296 impact

Contribution strategies must all be assessed for their Division 296 effect even if eligibility for them is not linked to the total super balance.

Contribution strategies must all be assessed for their Division 296 effect even if eligibility for them is not linked to the total super balance.

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Contributions, SuperStream

New messaging provider outlines offering

An SMSF messaging provider has promised swift transfers and discounted fees for funds affected by the closure of two other providers.

An SMSF messaging provider has promised swift transfers and discounted fees for funds affected by the closure of two other providers.

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Contributions, Tax

Concessional cap breaches count as income

Amounts in excess of an individual’s concessional contributions cap will be included in that person’s assessable income for the year.

Amounts in excess of an individual’s concessional contributions cap will be included in that person’s assessable income for the year.

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Contributions, Downsizer

Downsizer applies to inherited assets

A house inherited via an estate will be counted as eligible for downsizer contributions, but must be still held for the required 10-year period.

A house inherited via an estate will be counted as eligible for downsizer contributions, but must be still held for the required 10-year period.

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Contributions, Tax

Deceased member deductions must be valid

The ATO recognises the ability of executors to claim tax deductions for deceased superannuants, but still requires that claim to be valid under super law.

The ATO recognises the ability of executors to claim tax deductions for deceased superannuants, but still requires that claim to be valid under super law.

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Contributions, Payday Super

Maximum contributions base to change

Payday Super will bring in an amendment to the operation of the maximum contribution base for employees with high salaries.

Payday Super will bring in an amendment to the operation of the maximum contribution base for employees with high salaries.

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