Category: Blog
Refund of Excess Contributions for SMSFs
As announced in the 2011/2012 Federal Budget, the Government proposed to introduce a one-off reprieve for taxpayers who exceed their concessional contribution cap.This reprieve will be in the form of the taxpayer requesting a refund of up to $10,000 of an excess concessional contribution, whereby th..Read More
Auditor obligations regarding collectables in SMSF
The ATO has stated that an approved auditor is required to: - conduct the audit in accordance with the Australian Auditing Standards and the Standards on Assurance; and - examine and form an opinion as to whether the fund has complied with all provisions of the SIS Act, including the sole purpose te..Read More
Dealing with accidental excess contributions in SMSF
Dealing with accidental excess contributions Before 17 November 2010 a taxpayer who had inadvertently breached the contribution caps had to wait until they received an excess contributions tax (ECT) assessment before applying to the Commissioner for exercise of his discretion pursuant to s. 292-465..Read More
SMSF Made Simple! DIY Super Made Easy!
iCare Super offers a complete service and peace of mind. We provide a premium SMSF service that represents value for money. ..Read More