News : Contributions

Contributions, Investments

Shares can be turned into contributions

shares SMSF contribution

SMSF members can turn shares into a contribution to their fund as part of an in-specie transfer, but need to be aware of tax and contribution cap issues.

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Contributions, Superannuation

Compensation will count towards contributions

compensation contribution caps

Super fund members receiving compensation for poor advice will need to assess the circumstances of any payments to ensure they do not exceed their contribution caps.

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Contributions, Regulation

Excess determination charge still has bite

excess determination charge

The removal of the excess concessional contribution determination charge does not mean the ATO cannot apply it where applicable for past actions.

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Contributions

Early release recontribution process opens

Early release recontribution

The ATO has announced individuals can recontribute into funds without it counting towards non-concessional caps to rebuild super amounts affected by the COVID-19 early release scheme.

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Contributions, Superannuation

Downsizer contributions need written proof

proof downsizer contributions

SMSF members making downsizer contributions must prove they can do so and their fund can accept them to prevent problems when the fund is audited.

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Contributions

Salary sacrifice arrangements need revisiting

salary sacrifice contribution

Salary sacrifice arrangements used in SMSFs may not be consistent with new concessional contribution caps and should be revisited.

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ATO, Contributions

Don’t abuse excess charge removal

excess concessional contributions

The removal of a charge on excess concessional contributions should be seen as a favour to super fund members and not an opportunity to exploit its absence.

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Contributions

Missed contributions not end of the road

bring forward Contributions

Missed opportunities to make bring-forward contributions may open up the possibility for larger contributions under other new rules in the coming financial year.

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Contributions, Superannuation

NCC bring-forward date confirmed

NCC bring-forward

The official date from when people aged 65 and 66 can use the non-concessional contributions bring-forward rule has been confirmed by Treasury.

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Contributions

Excess charge move not industry call

Excess concessional charges

A change to legislation that will remove charges for excess concessional contributions may result in misuse and was not called for by the SMSF sector.

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