The Australian Tax Office (ATO) has various options when dealing with contraventions made by the SMSF trustees. Of course, the associated penalties differ according to the breaches; non-compliance and in-house asset rule breaches are treated differently, for instance.
Category: Feature Archives
Super Contribution Caps Changed on 1 July
Exceeding the upper ceiling for super contributions can attract penalty. It is not the first time that somebody is saying this. On the morning of 1 July, the caps changed both for concessional and non-concessional contributions. For at least some time, the super contribution caps are expected to stay where they are.
Advantages and Disadvantages of Self-Managed Super Funds
Like anything else on this planet, self-managed Super funds, too, are not meant for everyone. For starters, there is a need to have close to formidable amount of money in your kitty. Also, you need to have the acumen to manage your affairs yourself; hence, the term ‘Self-managed’. With this said, the popularity of SMSF is enough evidence of the fact that it has got plenty of benefits. Let us go through the advantages and disadvantages of self-managed Super funds.
How SuperStream Can Ease Transfer of Contributions
To ensure large-scale management of Super contributions, the government came up with a reform package titled SuperStream. Put simply, from 1st of July 2014, any employer with 20 or more employees will need to make all the contributions electronically. You’ll have until 1 July 2015 to fully comply.
Should I Start A Self-Managed Super Fund?
SMSF’s fortunes have seen quite an upswing after the global financial crisis turned away investors somewhat from the traditional Supers. Not without reasons though have they made their place in the hearts of millions. It is well known that they offer tremendous amount of flexibility even as they offer you a degree of control not equalled by any other form of Super. After all, you are managing your own affairs here.
Super Insurance Must Observe SIS Regulation
There is a school of thought which is in favour of keeping life insurance outside Super. It talks about the adverse impact of funding premiums with Super. To add, it talks about inadequate coverage (case in point being Trauma Insurance) and the legalities of the Binding Death Nomination which can make payment claim a long-drawn out process.
