Category: Blog
Careers opportunities
iCare Super is specialist accounting and advisory practice focusing on SMSFs, with a large and growing client base across Australia. Join our dynamic team at iCare Super, where we excel in delivering top-tier services to SMSF trustees, accountants, financial planners, and brokers. As we expand ra..Read More
Concessional contributions cap for 2013/14
Concessional contributions include: -employer contributions (including contributions made under a salary sacrifice arrangement) -personal contributions claimed as a tax deduction by a self-employed person. Financial years 2013 - 2014 $25,000 (up to age 60) $35,000 (Age 60+) Tax on amou..Read More
What happens if minimum pension requirements are not met
ATO has clarified what the consequences are if minimum pension payment is not made: - A pension account ceases form the beginning of the financial year. The payments made already are lump sum withdraws. The SMSF will not be able to claim exempt pension income - A new pension starts if the minimum p..Read More
ATO has made changes to Trustee declaration (NAT 71089) and Self-managed super funds – key messages for trustees (NAT 71128).
As a result of ATO review, changes have been made to both documents. The most notable changes to the 2012 version of the Trustee declaration are the following inclusions: requirement that the investment strategy be regularly reviewed consideration of whether the fund should hold insurance cover..Read More
Certain arrangements to acquire property by SMSF contravene super law
ATO has recently issued Taxypayer Alert TA 2012/7 that describes certain arrangements entered into by self-managed super funds (SMSFs) to acquire property which do not comply with super law. SMSF trustees and advisers need to exercise care when investing in property. It is important to ensure any a..Read More
SMSF updates from Mid-Year Economic and Fiscal Outlook 2012-13
Key new tax and superannuation measures announced by the government include: 1. tax exemption for earnings (including capital gains) on assets supporting superannuation income streams to continue following the death of a SMSF member in the pension phase until the deceased member's benefits have b..Read More
Obligations and responsibilities for SMSF trustees
New measures were introduced by Stronger Super on 7 August 2012 that require SMSF trustees: - to conduct a review of the fund's investment strategy on a regular basis - to consider insurance for fund members as part of the fund's investment strategy - to value ..Read More
Deductibility of premiums for TPD cover paid by a SMSF
On 7 July 2012, the Commissioner issued TR 2012/6. The Ruling states that a complying superannuation fund can claim a deduction for an insurance premium on a TPD insurance policy paid for by the fund, if there is a connection between that payment and a current or contingent liability of the fund to..Read More
New requirements for SMSF electronic lodgement
The SMSF annual tax return combines income tax, regulatory and member information reporting obligations. From 1 July 2012, the SMSF annual tax return will not be able to be lodged electronically if: - no assets are nil at the end of financial year, or - member balances are nil at the end of f..Read More
ATO Self-managed super fund statistical report
The latest self-managed superannuation funds (SMSFs) statistical report is updated to December 2011. It includes the information on the SMSF population, asset allocation and quarterly establishment rates. -In December 2011, there were 458,561 SMSFs in Australia. -On average, there are about 30,0..Read More