News : Contributions

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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Administration, ATO, Compliance, Contributions

Contribution return window narrow for over 75s

ATO Contribution SIS Act SMSF

SMSFs receiving contributions from members aged over 75 will likely have to return them and should be aware the timeframes within which to act are very limited.

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Compliance, Contributions, Pensions

Caps only barrier to pension

Non-concessional contribution Pension Total superannuation balance Contribution cap

A contribution being succeeded by a pension in short order is allowable with the only barrier to the former being the relevant caps that may apply.

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ATO, Compliance, Contributions

Take action on excess contributions

ATO Non-concessional contributions Excess concessional contribution Contribution caps

Trustees making a concessional contribution over the cap limit could face tax and compliance issues if they take no action to withdraw it from the fund.

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ATO, Contributions, Strategy

Reserving NCCs not recommended

ATO Contribution reserves Non-concessional contributions Concessional contributions Strategy SMSF

Reserving strategies should be limited to concessional contributions as non-concessional contributions are likely to encounter regulatory hurdles.

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Compliance, Contributions, Regulation, Strategy

Bring-forward rule timing important

Bring-forward arrangement Non-concessional contributions Contributions Contribution caps Indexation SMSF

The higher non-concessional contributions caps coming on 1 July will not be applicable for everyone looking to use the bring-forward rules.

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Administration, Compliance, Contributions

Second splitting request not allowed

Contribution Splitting Splitting application Concessional contribution SMSF

SMSF members only have one opportunity to make an application to split a concessional contribution with a spouse in a given financial year.

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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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