News : Contributions

Contributions

Contribution caps to increase

Superannuation Contribution caps Concessional Non-concessional Bring forward Total superannuation balance

Contribution caps will increase from the start of the new financial year, but other related thresholds will see a small decrease, creating potential traps for superannuants.

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Contributions, Death benefits, Strategy, Tax

Division 296 exemptions narrow

Division 296 tax Personal injury Contributions Death benefit pension Exemption

Superannuation members subject to a specific set of circumstances will not be caught by the proposed tax on total super balances over $3 million.

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Contributions, Legislation, SMSFA

Contribution rule change effect visible

SMSF Association ATO work test Contributions SMSFs

The latest ATO statistics covering the SMSF sector have shown amendments to the contribution rules have made a significant impact on trustees.

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Contributions, Education

Heffron unveils intermediate SMSF course

SMSF Education Heffron Super Extension Super Foundations

Heffron has broadened its educational options for professionals seeking to delve deeper into their SMSF understanding beyond the entry-level Super Foundations course.

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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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