News : Contributions

ATO, Contributions, Tax

Contributions deduction error fixed

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

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

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

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

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

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

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AAT, ATO, Compliance, Contributions, Superannuation

Divorce doesn’t alter contribution rules

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

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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Contributions, SMSF, Strategy

Revaluations can allow carry forward rule use

Concessional contribution Unused concessional contribution Total super balance

Revaluing the assets of an SMSF can ensure the members will be able to utilise the carry forward concessional contributions provisions.

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Compliance, Contributions

Strategic classification can null NCC issues

SMSF Self-managed superannuation Heffron Lyn Formica non-concessional contributions personal super contribution bring forward period

An accidentally triggered non-concessional contribution bring forward provision may be reversed by following a particular course of action.

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