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  • Pension Phase – Ensure minimum pensions have been paid and withdrawn well before 30 june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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