On the website of the Inspector General of Taxation (IGT), a review in regards to the compliance required for excess contributions tax is being posted. Agreed that the concessional contributions corner a big pie of discussions but no one can deny that the exorbitant tax on non-concessional contribution is also a point of debate.
Author: Alan Preston Archives
Check your Super Contributions before the end of the financial year
With June 30 drawing close, trustees of SMSFs must look forward towards optimising tax benefits emanating from SMSF. At the same time, they must also ensure that their fund is compliant with superannuation regulations.
ATO Hosts SMSF Webinar for Professionals
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.
Alterations in the 2014 SMSF Annual Return
Trustees and professionals associated with the SMSF trusts will do well to spare a thought for the 2014 SMSF Annual Return. A few changes worth their while makes for interesting reading. For instance, a supervisory levy will be imposable on the trustees, one that will be based on the operational year instead of being counted in arrears.
Trustees will now have to fork out $388 while filing their returns. This amount includes $259 imposable for 2014-15 and $129 imposable for the latter half of 2013-14.
Optimise your Super contributions before June 30
Come the close of the financial year and SMSF trustees begin looking for plans and strategy to maximise their superannuation benefits. Many techniques can be employed to optimise returns by June 30. I know after-tax contributions come to the mind first but they are not the only one in the wings.
Can You Actually Retire On Your Super Fund?
Australians oscillate between dreams of a comfortable retirement and the biting reality of a modest one. Unfortunately, for many their Super fund might not even be enough to hand them over a modest retirement.
