News : Contributions

ATO, Compliance, Contributions, Strategy

Excess NCC release authority is default action

September 20, 2023

excess non-concessional contribution release authority

No formal declaration to adhere with an ATO release authority relating to a breach of the non-concessional contributions cap is required.

Excess contribution refund needs approval

Excess concessional contributions refund

September 18, 2023

Todd Wills

SMSF trustees who exceed their concessional contribution cap limit should wait for the ATO to issue a release authority before seeking a release of the excess funds.

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Contributions, Tax

Contributions better value before tax cuts

August 29, 2023

Jason Spits

High-earning SMSF members should consider making voluntary contributions to their fund ahead of the stage three tax cuts, which will reduce their future value.

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Contributions, Tax

Acceptance rules top priority

August 24, 2023

Todd Wills

Before advising clients on superannuation contributions, SMSF practitioners should first consider the acceptance rules trustees are bound by.

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Contributions, Pensions, Tax

Pensions can stop some deductions

tax deduction pension personal contributions

August 16, 2023

Darin Tyson-Chan

SMSF members need to complete all of the compliance procedures to claim a deduction for a personal contribution before they start a pension.

2023/24 ideal for concessional contributions

August 15, 2023

Todd Wills

Trustees contemplating making a voluntary contribution to their superannuation funds should take action within this fiscal year.

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Contributions, Tax

Breach danger in passing shares to SMSF

August 3, 2023

Jason Spits

SMSF members passing on shares given to them in place of payment for personal services are likely to have breached a number of laws and ATO advice should always be sought on such matters.

ATO error denying deductions

Personal superannuation contributions deductions

July 31, 2023

Darin Tyson-Chan

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

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Contributions, Superannuation

Keep contributing despite super tax

superannuation contributions earnings tax

July 26, 2023

Todd Wills

Trustees should continue to contribute to their superannuation accounts as not doing so would not be a prudent strategy to adjust to the proposed super earnings tax.

Downsizer delay may be wiser

July 5, 2023

Todd Wills

Trustees should consider saving their ability to use the downsizer contribution and utilise their non-concessional contribution caps first, given recent rule changes.

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