News : Contributions

Contributions, Retirement, Superannuation

SG working, but some may fall short

Superannuation guarantee contributions ASFA comfortable retirement standard

The superannuation guarantee will help many people reach a comfortable retirement, but some will have to work longer or save more to reach that standard.

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Contributions, Pensions, Superannuation

Commutation notice can be preconfigured

SMSF members can use a prepared notice to inform their fund that withdrawals from their pension will be treated as commutations, avoiding the risk they will be regarded as payments.

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Administration, Contributions, Management, SMSF

Closing an SMSF top of mind

SMSF wind-up

The winding up of an SMSF is an issue a significant number of financial advisers have inquired about during the September quarter.

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Contributions, SMSF, Tax

Settlement contributions given tax relief

$3 million tax exemption structured settlement contribution

SMSF trustees who receive a structured settlement contribution can take advantage of the fact that proposed $3 million soft cap will exempt these from its tax calculations.

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Accounting, Administration, Contributions, fraud, SMSF, SMSFA

Fraud raises compliance snags

SMSF fraud compliance contributions

The regulator’s stance regarding situations where benefits of a fund have been accessed via fraudulent activities remains a little unclear.

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ATO, Compliance, Contributions, Strategy

Excess NCC release authority is default action

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.

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Compliance, Contributions, Strategy, Superannuation

Excess contribution refund needs approval

Excess concessional contributions refund

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

superannuation contributions tax cuts

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

superannuation contributions

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

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

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