A written piece on the Australian Taxation Office’s (ATO) website talks about a free SMSF webinar the ATO is hosting from the 10th of June to the 27th of June in order to educate the SMSF auditors and tax agents about the regulation changes from the 1st of July 2014.
Compliance approach and treatment
The webinar’s focus will be on compliance approach and treatments for the trustees after June 30. A lot will be talked about the administrative penalties and education and rectification directions. In the same vein, talks will also centre on optimising tax benefits and understanding tax deductible super contributions.
You can read the original article here.
Points worth understanding
$150,000 is the upper cap on after-tax contributions this financial year. After June 30 the ceiling will be raised by $30,000. Citizens over 60 can put in $450,000 for a three year tenure and post June 30 this will similarly be raised to $540,000 (equal proportion). 46.5% is the penalty rate for non-compliance. This is just an example of what needs to be understood.
There are pension rules, salary sacrifices, SMSF tax benefits and after-tax contribution norms that wait being discussed at the SMSF webinar. So kudos to the ATO!
