Year End tips for SMSF – Self Managed Super

The year is nearly closed again and there are several things to watch and do before 30 June hits.

  • Concessional Contributions Caps – With the limits on tax-deductible concessional contributions scheduled to fall to $25,000 from July 1 next year, after-tax non-concessional contributions are the best way to get money into super. The problem is that limits also apply to non-concessional contributions. Watch for multiple jobs and salary sacrificing – it can all add up.
  • Pension Phase – Ensure minimum pensions have been paid and withdrawn well before 30 june
  • CGT removal of Trading Stock exception  – Treating shares as trading stock to deduct losses against income other than capital gains. This trading stock exception in super funds, including SMSF’s, will mean gains and losses for shares, and units in a trust and land will always be subject to Capital Gains Tax. There will be transitional rules, but the rule began 10 May 2011.
  • Non Concessional Contributions – Ensure the yearly cap $150,000 is not breached, or $450,000 if the next two years are brought forward, Also note previous three years for the brought forward rule, if you used it in the past. “Trustees and their advisers should take care to properly identify the start and end dates of any bring forward periods to ensure their contribution eligibility is correctly assessed and to avoid excess contribution penalties,” said Peter Burgess, national technical director, SPAA.
  • In addition, SPAA recommended that super investors check the benefits and traps of non-concessional contributions, tax-deductible contributions, government co-contributions and taking advantage of the tax offset for spouse contributions. 

To Be Continued

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About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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