News : Contributions

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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Contributions, Superannuation

Bring-forward triggers trapping members

SMSF bring-forward

SMSF members may automatically trigger bring-forward arrangements under certain conditions, finding themselves trapped in something they cannot change.

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Contributions

COVID altered contribution timings

SMSF contributions timing

The economic impact of COVID-19 changed the way SMSF members made contributions in the last financial year, with many spreading them over time.

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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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