News : Contributions

Contributions, Death benefits, Superannuation, Tax

Benefits tax a factor in recontributions

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, recontribution strategy, taxable component, MLC, Scott Quinn, adult child, non-tax dependant, death benefit, government co-contribution, spouse contribution

Giving thought to the tax impact of death benefits paid to adult children may be a trigger to engage in a recontribution strategy.

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Contributions, Superannuation, Tax

Deduction claims based on fund receipt

self managed super, self managed superannuation, SMSF, superannuation, contribution, tax deductible, Institute of Financial Professional Australia, Natasha Panagis, ATO, private binding ruling, personal deductible contribution, notice of intent

Tax deductions for a super contribution are based on when a fund receives the money, with the ATO confirming late arrivals will not be considered.

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Contributions

Contribution splits apply to carry-forward cap

SMSF, self managed superannuation fund, self managed super, carry-forward unused concessional contributions, contribution splitting, Colonial First State, concessional contributions cap, Linda Bruce, Craig Day

Advisers using contribution splitting strategies should be clear as to which cap the legislation refers and can apply it prospectively if they wish.

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Contributions, Superannuation

Recontribution barred due to glitch

self managed super, self managed superannuation, SMSF, superannuation, recontribution strategy, new financial year, MLC, Scott Quinn, non-concessional contribution, bring-forward, Janet Manzanero-Caruana

A handful of people looking to use a recontribution strategy in the new financial year will be unable to do so under a birth date-related anomaly.

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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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