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  • Pension Phase – Ensure minimum pensions have been paid and withdrawn well before 30 june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

Advertisements

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
This entry was posted in SMSF Info, News & Stats. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s