News : Contributions

Compliance, Contributions, Property

Property improvements a cap risk

Property assets Improvements Contributions Contribution caps SMSFs

Changes to property assets in an SMSF are likely to be considered contributions to the fund as they meet the definition of a contribution under taxation law.

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ATO, Contributions, SMSFA, Superannuation, Tax

Contribution deduction process can be fixed

Tax deduction Notice of intent Contributions SMSF Association SMSF

The process to lodge a notice of intent to claim a tax deduction on personal superannuation contributions can be streamlined, with industry bodies calling for change.

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Contributions, Superannuation

TBC to remain at $1.9m

Transfer balance cap Superannuation contributions non-concessional contribution concessional contributions bring forward contributions

The general transfer balance cap will stay at the current level for the next financial year, but contribution cap changes will add confusion to bring-forward thresholds

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Contributions, NALI/NALE, Regulation

Asset shortfall a NALI risk

NALI SMSF Asset transfers LCR 2021/2 Contributions market value

SMSF practitioners and trustees have been warned about the potential NALI risks involved when transferring assets into a fund.

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Contributions, Superannuation

Make general TBC a threshold standard

Transfer balance cap proportionate indexation Superannuation The Tax Institute Institute of Financial Professionals Australia

The general transfer balance cap should be applied to all super fund members and used as the basis for setting and raising other thresholds.

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Contributions, Legislation, Tax

Reserve allocations a $3m cap issue

Reserve allocations Total superannuation balance Contributions $3 million soft cap tax Concessional cap

The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes.

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Contributions, Superannuation, Tax

Tax cuts offer super boost

stage three tax cuts superannuation balance concessional non-concessional contribution

Proposed tax cuts later this year will allow superannuants to boost their balances without adversely impacting their cash flow.

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Contributions, Superannuation

Prepare for cap indexation

transfer balance cap total super balance concessional non-concessional contribution indexation

SMSF advisers should start discussing strategies with their clients to make use of anticipated indexation of a number of superannuation caps in 2024.

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Contributions

Remind clients of deduction timing

personal superannuation contributions tax deduction notice of intent to claim

SMSF advisers should not leave the work of reminding clients about when to claim a contribution tax deduction to a tax agent given they were involved in creating the strategy.

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Compliance, Contributions

More than one sole purpose test

Sole purpose test Contributions Concessional contributions Superannuation Industry (Supervision) (SIS) Act

The separated sole purpose test covering contributions must be considered when contemplating certain SMSF strategies aimed at providing a tax benefit.

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