The Tax Office has reiterated that SMSF Trustees should be mindful of the legislative framework around super funds. On 14 December 2013, the government announced that it would proceed with legislative changes that give the ATO greater powers in dealing with SMSF Trustees who breach superannuation law. From 1 July 2014, if SMSF Trustees fail […]
All SMSFs that have not lodged their Annual Return for 2 or more Financial Years will be removed from the Super Fund Lookup until all the overdue returns are brought up to date. All newly registered SMSFs are encouraged to lodge their first return on time. For SMSFs that fall into this category and who […]
During the Financial Year, the SMSF that receives a contribution is always obliged to report the contribution to the Tax Office, even if it has been rolled out or paid to a Member before the end of that year. When filling in the Annual Return form, as an SMSF Trustee, you need to ensure that […]
From 1 July 2013, the method of paying supervisory levy for the SMSF will be changed. The supervisory levy payable amount will base on the year of operation, rather than in arrears. For the SMSFs that were registered prior to 2013/2014 Financial Year, when they lodge their 2013/2014 SMSF Annual Return, the total payable supervisory […]
You can only claim a deduction for contributions that are made from concessional contributions. Contributions that are made into your SMSF can be categorised into 2 types: Who can claim tax deductions on super contributions To see what you can contribute into your SMSF, please see our contribution page.