Owners of small businesses contribute to their employees’ super fund to gain tax rebates. The strategy works pretty fine during the end of a given financial year. However, if not applied diligently, the strategy may not solve its intended purpose.
Tag: super Contributions Archives
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.
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.