News : Contributions

Contributions

Super Christmas gifts to kids require care

gift superannuation contributions

The age of a child must be taken into account if parents are considering providing them with a Christmas gift by way of a super contribution.

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Contributions

Carry-forward contribution accrual carries on

Carry-forward contributions

Carry-forward concessional contributions do not permanently end, but the ability to access them is governed by fund balances

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Contributions

No need to track early release recontributions

SMSF early release recontributions

SMSFs will not need to track or measure COVID-19 early release recontributions with that task being handled by the ATO.

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Contributions, Property

Time to alert clients about downsizer changes

downsizer contribution

Clients approaching their 60th birthday should be alerted to pending changes to downsizer contributions and the need to reconsider the timing of any property transactions.

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Contributions

Bring-forward approach confirmed

NCC bring-forward

Treasury has confirmed how the extension of the non-concessional three-year bring-forward rule to include people aged 64 to 75 will be applied.

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Contributions, Tax

No TSB impact on business CGT contributions

business cgt contributions

The ability for an individual to make a small business capital gains tax contribution is not impacted by their total super balance.

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ATO, Contributions

Cap rule change not a strategic break

excess contribution charge

The scrapping of the excess concessional contributions charge in the Your Future, Your Super laws is not an opportunity to gain a tax benefit.

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Contributions, NALI/NALE

Asset transfers hang on final ATO decision

Assets transfer contribution

SMSF members moving assets into their fund as a partial non-concessional contribution should wait until the ATO’s final decision as to whether the move will fall under NALI provisions.

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ATO, Contributions

SuperStream may affect year-end strategy

SuperStream contribution strategy

The SuperStream system could have a significant effect on the common contribution reserve strategy should it be applied more broadly to SMSFs.

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Contributions

SMSF financials may create SuperStream hurdle

SMSF financial documents SuperStream

Contraventions could occur if trustees fail to adhere to the new SuperStream rollover rules and do not ensure their SMSF financial documents are up to date.

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