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Read latest SMSF news updates by The SMSF Accountant

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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SuperStream 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 able to receive contribution payments and contribution data electronically.
What’s needed to integrate SuperStream with the SMSF?
To meet these obligations, members of an SMSF should provide their employers with:

SMSF’s ABN
SMSF’s bank account details

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2015/2016 Contribution Limits

For the 2016 financial year, commencing 1 July 2015, the concessional contribution cap (limit per member) is $30,000.
For individuals aged 49 years or older at 30 June 2015, the concessional contribution cap is $35,000. This is a temporary increase and will cease when the general cap is indexed to $35k.

Concessional

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