Category: Blog
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
Roll over a Term Allocated Pension (TAP) from industry fund to a SMSF
It is very important to examine when the Term Allocated Pension commenced because the Asset- test exemption (ATE) may apply. - Term Allocated Pension (TAP) purchased prior to 20 September 2004 are eligible for a 100% asset test exemption - TAP purchased from 20 September 2004 to 19 September 2007 ..Read More
SMSF Trustees to value the assets at market value
The Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2) has been registered and requires trustees of self-managed superannuation funds (SMSFs) to value assets of the fund at their "market value" when preparing accounts and statements from the 2012–13 income year. A new operatin..Read More
Tax Free and Taxable components of Superannuation Benefits
As a member of a SMSF, your benefits normally comprise a Tax Free Component and a Taxable Component. You can see these two components in the Member Statements that iCare Super provides to you. Tax Free component consists of: -A contributions segment, which will consist of non-concessional con..Read More
Self-managed super funds and tax exemptions on pension assets
The tax application for capital gains and capital losses are different for segregated and unsegregated assets. If your SMSF only has used assets segregation method to support the pension accounts, you should ignore any realised capital gains or capital losses. In other words, the net capital will..Read More
Attaining preservation age itself is not a condition of release
Attaining preservation age itself is not a condition of release with a "nil" cashing restriction. Therefore, superannuation benefits transferred to a transition to retirement pension will retain the preservation status they had before they were transferred, i.e. unrestricted non-preserved, restricte..Read More
Condition of release – the cessation of an employment arrangement for a SMSF member aged 60 to 64!
Where a member of SMSF, aged 60 to 64, is in two or more employment arrangements at the same time, the cessation of one of the employment arrangements is the condition of release in respect of all preserved superannuation benefits accumulated up until that time. The occurrence of the condition of..Read More
Key updates for SMSF advisers and trustees
The following is an update for the SMSF industry that covers most important facts and figures for the 2012/13 financial year: 1. Concessional contribution limit: $25,000 per member: Contribution cap $50,000 for members over the age of 50 with less than $500,000 super balance has been deferred until..Read More
SMSF Auditor Registration Starts 1 July 2013
Auditors will need to meet the following requirements to be registered as an SMSF auditor from 1 July 2013: hold a tertiary accounting qualification that includes an audit component or have successfully completed study in audit as part of a professional accounting body program; meet a fit and p..Read More
SMSF Contribution Reserving to Avoid Excess Contribution Tax
This occurs in the circumstances where a contribution is made to superannuation in June, and if it results in excess contributions for the member for that particular financial year, it could be reserved and allocated to the member’s benefit in July. This results in the contribution being counted u..Read More