There are number of changes in the May 2016 Budget affecting superannuation:
The Division 293 contributions tax threshold has been reduced
Continue ReadingSMSF News
Read latest SMSF news updates by The SMSF Accountant
SMSF residency conditions
Some people have found their SMSF to be non-complying because they have taken an extended work placement or working holiday
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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
Continue ReadingEligibility 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
Continue ReadingAbout 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
Continue ReadingExcess Concessional Contribution charge explained
An excess concessional contribution (ECC) charge is applied to the additional income tax liability arising as a result of having
Continue ReadingExceeding 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
Continue ReadingClass software for SMSF administration and online client access
The SMSF Accountant uses specialised software to assist with SMSF administration and accounting. This software is called “Class”.
Class software means that clients
Continue ReadingSuperStream and SMSFs explained
What is SuperStream?
SuperStream is a government reform aimed at improving efficiency of the superannuation system.
Under this system, SMSFs must be
Continue Reading2015/2016 Contribution Limits
For the 2016 financial year, commencing 1 July 2015, the concessional contribution cap (limit per member) is $30,000.
For individuals aged