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Changes to taxation of excess non-concessional contributions receive royal assent

Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 received royal assent on the 19 March 2015. As a result taxpayers should now be able to avoid paying excess contribution tax on excess non-concessional contributions made in the 2014 financial year and later. The amendments give the taxpayer the option of withdrawing the amount […]

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SMSF News 2014/4 ATO gives the OK to loans to unrelated trusts – but there is a catch…

The ATO has confirmed in ATO ID 2014/23 that a loan from a SMSF to an unrelated trust will not be treated as an in-house asset. We believe however there are some hidden catches to consider when advising clients: 1.  Be careful the Trust is not related.    Review the definition of “control of a trust”  and […]

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SMSF News 2014/3 – Individual Trustees – Time to reconsider?

The new SMSF penalty regime starting on 1 July 2014 is an opportunity to review whether your SMSF clients with individual trustees should consider moving to a sole purpose Corporate Trustee. We all know the main reason clients reject a corporate trustee are the initial setup and ongoing costs.  We are also too aware of the problems that arise by having individual trustees. […]

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SMSF Audit Alert 2014/2 – New penalty regime starts July 2014

From 1 July 2014 new penalties will apply for contraventions of specific sections of the SIS Act.  The table below outlines the applicable sections and the penalty for each contravention. This new penalty regime is designed to give the ATO greater options in dealing with breaches without having to go through the exhausting process of […]

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SMSF News 2014/1 – Increase to 2014/15 Contributions Caps

The ATO has published the contribution caps for the 2014/15 year. Good news:   From 1 July 2014 the general concessional cap has been increased from $25,000 to $30,000.  For those 49 and over on 30 June 2014, the cap will be $35,000. The non-concessional cap has also been increased to $180,000 up from the […]

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SMSF Audit Alert 2013/2 – Transferring Residential Property into SMSF

It is a common complaint of SMSF advisors and trustees that a residential property owned by a member or related party cannot be bought or transferred into their SMSF. It has always been understood however that Section 66 of the SIS Act allows listed shares and commercial properties to be transferred at market value. Interestingly, there […]

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