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Eligibility for tax-deductible super contributions

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Submitted by Financial Adviser on Mon, 11/19/2012 - 16:58

Question: I am self-employed and I have never made super contributions in my life. Am I eligible to make super contributions, and can I claim a tax deduction for those super contributions?

Is the Government’s co-contribution included in my contributions cap?

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Submitted by Financial Adviser on Mon, 11/19/2012 - 16:55

Question: Does a co-contribution received after using up the total bring forward cap of $450,000 mean that an excess contribution has been made, or is the Government co-contribution excluded from the after-tax contribution cap?

New Rules for SMSF

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Submitted by Financial Adviser on Mon, 11/19/2012 - 16:53

SMSF trustees now have to take additional care with respect to the investment strategies of funds and valuation of SMSF assets, as the ATO (Australian Tax Office) has effectuated fresh SMSF rules intended to “address potential risks and strengthen the regulatory framework in which SMSFs operate” since 1 July 2012. The ATO also plans to target a few specific SMSF compliance areas during the financial year of 2012/2013, which means that you would be well advised to conduct a super service on your SMSF right now.

Super contributions after retirement

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Submitted by Financial Adviser on Mon, 11/19/2012 - 16:48

Question: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age?

 

Superannuation rights of same-sex couples

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Submitted by Financial Adviser on Mon, 11/19/2012 - 16:47

The refusal of the Australian parliament in September 2012 to allow same-sex marriages was undoubtedly disappointing for homosexual couples looking to legalize their commitment. This, however, does not mean that same-sex relationships are considered illegitimate with respect to the superannuation entitlements. In terms of superannuation benefits, homosexual couples have the same or similar rights as married or de facto heterosexual couples, although this was not the case until relatively recently.

Tax-deductible super contributions: how much to claim?

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Submitted by Financial Adviser on Mon, 11/19/2012 - 16:39
Question: If I make a personal concessional payment of $25,000 (tax-deductible) and a personal $150,000 non-concessional (non-tax deductible) payment into my SMSF and my personal taxable income for 2012/2013 is $20,000, are there possible tax penalties because I’m claiming $5,000 more than my taxable income, that is, will $5,000 be added to my non-concessional amount thus making it $155,000?
 

Tax Relief for SMSF Income Streams

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Submitted by Financial Adviser on Wed, 11/07/2012 - 16:09
Tax Relief for SMSF Income Streams – Important Announcement
In its 2012-13 Mid Year Economic and Fiscal Outlook, the government has announced it will legislate to allow a tax exemption to continue for the period of time after the death of a pensioner. This important announcement suggest that parts of last year's TR 2011/D3 that indicated a pension would cease following the death of a member, would appear to have become redundant.
More information about this legislative change read below.
 

SMSF Death Duties For Property?

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Submitted by Financial Adviser on Tue, 10/30/2012 - 08:32

The ATO issued a draft tax ruling in November of 2011 (TR2011/D3) that created some concern within the SMSF trustee community, particularly those with property investments. The ruling stated that the pension tax exemption ceases automatically upon death (unless a reversionary pension was in place).

SMSFs driving financial advice in a new direction

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Submitted by Financial Adviser on Mon, 07/16/2012 - 13:32

Self-managed super funds are redrawing the landscape for financial advice. This is a double-edged sword for the financial planning industry.

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