News : Contributions

Contributions, SMSF, Strategy, Tax

A real opportunity to maximise tax deductions

SMSF Contribution reserving Double deduction strategy

The 2024 income year is offering up a good opportunity for SMSF members to enjoy a significant tax benefit from contributing to their fund.

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Administration, Contributions, SMSF

Coordination key to EOFY strategy

Communication SMSF Contribution reserving strategy Practitioners SMSF Professionals Day 2024

Efficient and effective communication and coordination between different practitioners is necessary when employing a contribution reserving strategy.

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Contributions, SMSF, Tax

Post-death contribution deductibility confirmed

Personal contribution Tax deductibility ATO TR 2010/1 SMSF

Legal representatives of a deceased SMSF trustee can claim a tax deduction for contributions made by the member before their death.

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Administration, ATO, Contributions, SMSF

Contribution reserving admin clumsy

Contribution reserving Concessional contribution ATO Administration SMSF SMSF annual return

Practitioners and their SMSF clients must understand the proper administrative procedure involved with a contribution reserving strategy.

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Contributions, Superannuation

Mortgage debt shouldn’t rule out contributions

Mortgage Concession contribution Superannuation HLB Mann Judd

Paying off a mortgage should not be seen as a reason for not making additional concessional contributions towards superannuation.

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Contributions, SMSF, Superannuation, Tax

Retirement savings, tax lead client concerns

superannuation contribution caps Division 296 tax retirement savings SMSF BT Technical Services Bryan Ashenden

Increasing retirement savings and tax management strategies will be key concerns for advisers and their clients in the next financial year.

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ATO, Compliance, Contributions, SMSF

Deduction notice reminder issued

ATO SMSF Contribution deductions Notice of intent

The ATO has reminded SMSF members they cannot claim a deduction for personal contributions without informing their fund, which must acknowledge the course of action.

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Contributions, SMSF, Strategy, Tax

Deadline looms for double deduction strategy

Contribution strategy Deduction SMSF

SMSF trustees looking to reduce the amount of tax they pay through the use of the double deduction contribution strategy must act by the end of June.

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Contributions, Superannuation

Remove contribution excesses to avoid issues

SMSF Superannuation concessional contribution non-concessional contribution excess Heffron

SMSF members who make excess concessional contributions may be better off taking the funds out again rather than letting them be treated as non-concessional contributions.

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Administration, Contributions, SMSF

Last day of June 2024 significant

superannuation Contributions 30 June minimum pension payment timing rules

Trustees and advisers need to consider the implications of having 30 June 2024 fall on a Sunday with regard to contributions and pension obligations.

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