Home » E-News » News

Categories

Accountant Aged Care Allied Health Annuity Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets Assets and Risks Ato Bas Binding Death Benefit Nominations Binding Financial Agreement Bonds Brexit Budget Budgeting Business Business Registrations Business Support Business Tax Deduction Business Value Capital Gains Tax Capital Protection Catherine Frost Cgt Checklists Commercial Property Community Corporate Trustee Cryptocurrency Death Benefit Nomination Debt Debtors Deceased Estate Depreciation Director Director Id Divorce Economic Update Economy Emily Kermac Employees Estate Planning Executor Fbt Federal Budget Finance Finances Financial Advice Financial Plan Financial Update Franking Credits Government Grants Gst Home Office Hybrid Unit Trust Individual Ownership Information Session Insolvency Insurance Interest Rates Investment Loan Investment Loans Investment Property Investments Janet Kohan Jobkeeper Jobmaker Joint Ownership Ken Burk Land Tax Lending Market Update Mortgage Broking Mygov Negative Gearing Overseas Gifts Parental Leave Paris Financial Pat Mannix Payg Payg Variation Pension Practice Practice Valuations Private Wealth Property Rebecca Mackie Record Keeping Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Self Managed Superannuation Fund Borrowing Shares Small Business Smsf Smsf Borrowing Smsf Self Managed Superannuation Fund Strategic Business Structuring Structures Succession Plan Superannuation Superannuation Fund Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Losses Tax Offset Tax Planning Tax Savings Temporary Full Expensing Tenants in Common Tfe Training Trust Trusts Will Working from Home

SMSF Critical Amounts, Changes & Dates

SMSF Critical Amounts, Changes & Dates

Reducing your tax exposure, maximising the opportunities available to you, and reducing your risk of an audit by the regulators is in your best interests. With the end of the financial year fast approaching, this update will help you do exactly that:

1 January 2016

  • Defined benefit income capped at 10% for social security income tests.

Pre 30 June 2016

  • Make sure that contributions are made and received by 30 June. If contributions are by EFT, ensure that the balance showing the contribution is in the account as at 30 June.
  • Review Investment strategy including any insurance held by the SMSF.
  • If your fund accepts employer contributions (other than a related party employer), the fund must be compliant with SuperStream.
  • Rectify any outstanding compliance issues noted by your auditor.

From 1 July 2016

  • Concessional contributions cap remains at $30,000 unless you are 49 or over on 30 June 2016, in which case it is $35,000.
  • Non-concessional contributions cap remains at $180,000.
  • New withholding rules on certain transactions involving real property in Australia as well as shares in companies and units in trusts come into effect.
  • All collectables and personal use assets within the fund must comply with SIS requirements for use and storage.

31 January 2017

  • Non-bank limited recourse borrowing arrangements must be at arm’s length terms.

Pat Mannix, Partner, Paris Financial

Follow me on Twitter @mannix_pat


Tags: Pat Mannix | SMSF | Self Managed Superannuation Fund |