superannuation

Silence is the sweetest sound for self-managed super fund trustees on federal budget night. Although it was anticipated that there would be nothing new in the budget affecting super after the announcements on 5 April, it says something about the uncertainty created by the recent public debate on super, that there was a collective sigh of relief across the trustee population when the federal treasurer Wayne Swan resumed his seat on Tuesday night with super unscathed.

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?

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?

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.

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?

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.

Three recent Aussie surveys make this point really succinctly...

Did you know:

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