News : Contributions

Contributions, Pensions, Strategy, Superannuation, Tax

Year-end client considerations

financial year end

The end of financial year is arriving and planners need to ensure clients are prepared for SMSF financials and tax returns by 30 June.

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Contributions, Superannuation

Downsizer timing now more important

Downsizer contibution timing

The timing of downsizer provisions contained in this year’s budget will take on more significance from 1 July 2022.

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Compliance, Contributions

Reserving strategy riskier for NCCs

NCCs reserving strategy

Non-concessional contributions carry more compliance risk when used as part of a contribution reserving strategy due to their unconventional nature.

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Contributions, Superannuation

AIR welcomes increased super flexibility

budget superannuation retirees

The budget measures improving the ability for individuals to make contributions to their super funds has been praised by retirees.

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Contributions, Strategy

New downsizer preservation issue

downsizer super preservation

The reduction in the eligible age for downsizer contributions has given rise to a super benefit preservation issue.

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Contributions

Trustees mistiming contributions reserves

reserved contributions

The early use of reserved contributions continues to trip up trustees, denying members a tax deduction, a technical expert has warned.

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Contributions

Bring-forward NCCs now less relevant

bring-forward NCC

The elimination of the work test has potentially impacted the relevance of the bring-forward non-concessional contribution provisions.

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Contributions, Superannuation

The downsizer and bring-forward rule collision

downsizer bring-forward

Reducing the eligible age for the downsizer measure could lead to complications with the interaction between it and other contribution thresholds.

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Contributions

Downsizer extended to 60 year olds

downsizer contribution extended

The downsizer contribution scheme will be extended to now start from age 60, with the government claiming the move will free up housing for younger people.

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Contributions

Downsizer requires macro view

downsizer strategy

SMSF trustees need to consider the long-term strategy benefits of making downsizer contributions and not be swayed by the current investment climate.

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