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Read latest SMSF news updates by The SMSF Accountant

Division 293 tax

From 1 July 2012, Division 293 tax will be applied to certain superannuation contributions to reduce the concessional tax treatment of these contributions made for very high income individuals.

The high income threshold is $300,000.

An individual’s income is added to certain superannuation contributions and compared to the high income threshold.

Div 293

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Refund option for excess super contributions

The refund option for excess superannuation concessional contributions up to $10,000 has now been passed as law.

As a result, eligible individuals will have a once-only option to have 85% of their excess concessional contributions up to $10,000 released from their superannuation fund to the ATO and assessed as income for

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Obligations & responsibilities for SMSF Trustees

On 7 August 2012, the following measures were introduced as prescribed operating standards – meaning

that they must be complied with at all times by trustees of self managed superannuation funds.

During the 2012/2013 income year and beyond, all trustees are:

required to review their fund’s investment strategy on a regular basis;
required to consider

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