The superannuation concessional contributions cap will remain at $25,000 in 2013-14. (more…)Continue Reading
As previously reported – on 1 July 2011, rules were introduced into the Superannuation Industry (Supervision) Act 1993 (SIS Act) for SMSF investments in collectables and personal use assets.
The ATO have recently released further guidance, in the form of answers to some common asked questions, to assist trustees and theirContinue Reading
As announced in the 2011 Federal Budget, the Government will increase the concessional contributions cap by $25,000 to $50,000 for those aged over 50 and with a fund balance below $500,000. This will apply from 1 July 2012.
** Update – Please note that as announced in the 2012 Federal Budget,Continue Reading
For breaches of the concessional contributions cap, the Government announced in the 2011 Federal Budget that where the breach is below $20,000, there will be a one-off option to request a refund of the contributions. This will only apply to breaches from 1 July 2011. The excess contribution will insteadContinue Reading
In the Stronger Super package of proposed changes and also announced in the 2011 Federal Budget was the Government’s intent in tightening the legaslative requirements around SMSFs investing in collectables and personal use assets. These new standards received royal assent today and apply to all new purchases of such assetsContinue Reading
The ATO released a draft Self Managed Supernnuation Funds Ruling – SMSFR 2011/D1. This ruling discusses the application of two key concepts in relation to LRBAs; what constitutes a “single acquirable asset” and clarification in relation to the distinction between a “repair” and an “improvement” for LRBA purposes. According to theContinue Reading