The prospect of paying excess tax on concessional contributions due to Division 293 means advisers should consider all factors that shape a client’s taxable income.

Changes to contribution rules have put a greater onus on SMSF members to track their contributions as responsibility for this task does not rest with advisers or accountants.

The SMSF Association has condensed the contribution changes taking place into a new white-label document for use with advice clients and fund members.

SMSF trustees will receive minimal guidance and no red flags about voluntary contributions after the removal of the work test.

Many older Australians are taking advantage of the downsizer contribution provisions to allocate more money to their superannuation funds.

SMSF members have been reminded there is a difference in the time a contribution reserve can be made and the lodging of the documentation for that contribution.