The consequences of not lodging SMSF annual returns on time

Ensuring that your SMSF annual return is lodged on time is a critical part of the obligations of an SMSF trustee. The ATO has made an important change starting from 1 October 2019. After that date, if an SMSF annual return is lodged more than two weeks after the lodgement due date and hasn’t requested…

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….