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Archive | SMSF Contribution Caps


Budget Super Changes now Law

** Newsflash**   Budget Super Changes now Law The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 have today been passed by parliament. planning will be required long in advance for many of your clients What does this mean? The proposed 2016 budget changes (and […]

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Breaking news

Breaking News – Major Changes to Budget Proposal

The Treasurer has today announced major revisions to superannuation reforms as proposed by the 2016 Budget. In brief summary: –    the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year; –    individuals aged under 65 will continue […]

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Binding death nomination

Requesting Clients’ Non Concessional Contribution balances from the ATO

The ATO has announced that from late August you will be able to request clients’ post 1 July 2007 NCC lifetime cap balance via the tax agent portal mail facility. TriSuper Auditors will be testing this facility as it becomes available. We suggest you consider the following when reviewing Non Concessional contribution balances received back […]

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New Regulations cartoon

Major Changes to SMSF Contributions Rules

SMSF Contributions Rules: Implications and what to look out for * Post Election update * The impact of the 2016 Budget on SMSF compliance cannot be overstated. New rules applying from Budget Night and from 1 July 2017 have created many new issues to be aware of when managing your clients’ SMSFs. A. Changes to […]

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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 2014/1 – 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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