News : Contributions

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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Contributions, Strategy, Superannuation, Tax

2023/24 ideal for concessional contributions

Voluntary superannuation contribution

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

SMSF personal services income shares

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.

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ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

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

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.

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Contributions, Downsizer, SMSF, Strategy

Downsizer delay may be wiser

Downsizer contributions

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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Contributions, Insurance

Act quickly on injury payment contributions

personal injury contributions

SMSF members must act quickly when using a personal injury settlement payment as a contribution as delays will cause it to breach the non-concessional cap.

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Contributions

Reconsider recontribution strategies

recontribution strategies

SMSF trustees and advisers should carefully consider using recontribution strategies to minimise tax burdens as the approach may offer limited benefits.

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