News : Contributions

AAT, Contributions, Tax

AAT rules unused super caps must apply

AAT Administrative Appeals Tribunal ATO Unused concessional contributions Carry-forward concessional contributions WTBW and Commissioner of Taxation [2024] Income Tax Assessment Act 1997 Division 293 tax

The AAT has upheld the ATO’s rejection of a taxpayer’s claim they can choose whether to apply the unused concessional contributions cap carried forward from previous years.

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Contributions, Strategy

Contribution split equal balance not required

Contribution splitting Concessional contribution Spouse Age pension

Using contribution splitting to intentionally keep super balances uneven is a legitimate strategy that opens up other opportunities for members to access or grow their funds.

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Contributions

Contribution splitting needs long-term focus

SMSF Self-managed superannuation contribution splitting Heffron Lyn Formica

SMSF practitioners and members planning to use contribution splitting strategies to even out member balances must commit to a long-term approach to see any substantial change.

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Contributions, Tax

Acceptance rules key to CGT benefit

SMSF Self-managed superannuation Contribution acceptance rules Capital gains tax small business concessions CGT Accurium Mark Ellem

The contribution acceptance rules will always be the determining factor as to whether a member can use the CGT small business concessions.

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Administration, Compliance, Contributions, Superannuation

Terminal illness rollover timing key

Rollover Terminal illness Condition of release ATO Contribution SMSF Self-managed superannuation

SMSF trustees diagnosed with a terminal illness can roll over their retirement savings to another fund, but a specific process must be followed to avoid adverse consequences.

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Auditing, Contributions

Contributions not an audit matter

SMSF auditors The Actuaries Institute Graeme Colley Contributions caps

Contributions are no longer a consideration for auditors, who have been reminded their treatment no longer resides under super law.

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Contributions, Regulation, Superannuation

General TBC likely to rise again

CPI Consumer price index AWOTE General transfer balance cap Concessional contribution cap Non-concessional contribution cap

Superannuants are likely to experience further increases in the general transfer balance cap in the coming years due to indexation.

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Compliance, Contributions, Regulation

Self-assess carry-forward rule use

Concessional contributions Carry-forward provisions SMSF Self-managed superannuation MyGov Self-assessment

Self-assessment is to be used originally to determine if a super fund member is able to use the carry-forward concessional contributions cap rules.

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ATO, Contributions, SMSF, Strategy

Recontribution tax benefits okay

ATO PBR Withdrawal Recontribution strategy

Several tax benefits resulting from a withdrawal and recontribution strategy have been deemed legal in a recent ATO private binding ruling.

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Compliance, Contributions, Tax

Contribution deduction can’t outweigh income

Contribution Deduction ATO Assessable income Non-concessional contribution

Trustees must ensure they have enough assessable income to offset a contribution deduction to avoid the risk of a compliance breach that will incur additional tax liabilities.

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