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Read latest SMSF news updates by The SMSF Accountant

May 2016 Budget – changes for superannuation

There are number of changes in the May 2016 Budget affecting superannuation:

The Division 293 contributions tax threshold has been reduced from $300k to $250k from 1 July 2017. This is the point at which 30% is paid on concessional contributions instead of 15%.
Concessional contribution will be capped at $25,000 for everyone from

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SMSF residency conditions

Some people have found their SMSF to be non-complying because they have taken an extended work placement or working holiday overseas, for example. With today’s workforce being more mobile in a global sense, every SMSF member needs to be aware of the ATO’s SMSF residency conditions.

What are the SMSF residency conditions?

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SMSF for young business peopleNew SMSF members are getting <i>younger</i>

New SMSF members are getting younger

According to the ATO website, as at 30 June 2015, the average and median age of members of newly-established funds over the past five years declined from approximately 54 years to 49 years. In other words, the idea of a SMSF is becoming more popular than ever before with people

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Eligibility for government Super Co-Contribution

To assist eligible individuals save for their retirement, the government will match personal (after-tax) superannuation contributions made up to certain limits.

The maximum co-contribution is $500.  The amount of co-contribution you can receive depends on how much you contribute and what your level of income is.

When an eligible individual ‘s taxable

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About the Low Income Super Contribution (LISC)

The government also provides a low income super contribution of up to $500 annually for eligible individuals on adjusted taxable income of up to $37,000.

The amount payable under this measure is calculated by applying a 15% matching rate to concessional contributions made by of for eligible individuals.

This is only a

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Exceeding contribution caps – how is it taxed?

Should an individual exceed their concessional contribution cap, the excess contributions are included in their income tax return and taxed at the marginal rate of the individual.  (Note: An ECC charge is also applied.)

Should an individual exceed their non-concessional contributions cap (including making use of the bring forward rules, if

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