Changes to the $25,000 Superannuation Concessional Contribution Cap

The Government has proposed the introduction of an annual (unindexed) concessional contribution cap of $35,000 that will apply to taxpayers who meet certain age requirements. Under this announcement, taxpayers who are 60 years and over from 1 July 2013 (ie; the 2014 income year) will be eligible to claim the new $35,000 concessional contribution cap….

Disadvantages of Life Insurance in a SMSF Fund

Now that legislation requires trustees / members to consider the holding of life insurance on behalf of members within the fund, what are the disadvantages. The fund deed must allow the process and various different administrative aspects. There are no restrictions who can receive death benefits from a self managed superannuation fund. More documentation is…

Property Alert Taxpayer SMSF

The ATO has published taxpayer alert 2012/7 that focuses on investment decisions to acquire property using a limited recourse borrowing arrangement by the superannuation fund. In this alert the ATO points out where potential breaches may occur as per following: Failure to register title of assets in custodial trustee’s name. Signing of contact, before establishment…

SMSF Trustees seek advice from specialists

Recent research has found that many trustees are actively seeking outside advice to help them manage their retirement savings. This recent research found trustees were looking for specialist advice and were less interested in a one-stop-shop approach when it came to financial planning. The trustees were seeking more input/assistance with tax and compliance when it…