When to lodge SMSF annual returns
All trustees of SMSFs with assets as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year.
Taxpayer unsuccessful in having excess contributions reallocated
AAT Decision on Excess Concessional Contributions Tax Taxpayer’s Liability Upheld for Contributions Exceeding Cap Despite Lack of Employer Agreement The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer. In the 2021 income year, the taxpayer’s […]
Super contribution caps to rise
Prepare for Changes as Concessional and Non-Concessional Caps Rise What You Need to Know for 2025 The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable […]
Deduction for contributions denied due to notice requirement problems
AAT Ruling on Personal Super Contribution Deduction Claim Key Notice Requirements and the Impact on Deductions The Administrative Appeals Tribunal (‘AAT’) recently held that a claim for a deduction for personal super contributions should not be allowed, as the relevant ‘notice requirements’ were not satisfied. In order to claim a deduction for personal super contributions, […]
Remember the unused concessional contributions cap concession
Enhanced Superannuation Contribution Opportunities Utilising Unused Concessional Contribution Caps for Eligible Individuals As from 1 July 2018, individuals with a total superannuation balance of less than $500,000 as at 30 June of the previous income year may be entitled to contribute more than the general concessional contributions cap (i.e., and make additional concessional contributions to […]
Reallocation of excess concessional contributions denied
Administrative Appeals Tribunal case The Administrative Appeals Tribunal (‘AAT’) has held that there were no special circumstances in relation to a taxpayer who made excess concessional contributions in a financial year, such that the ATO could allocate some of those contributions to the previous financial year. On Wednesday, 26 June 2019, the taxpayer arranged for […]
Downsizer contribution measure eligibility has been extended
Downsizer contribution measure eligibility extension The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund. Broadly, the downsizer contribution concession allows eligible individuals to make non-deductible contributions of up to $300,000 (or up to $600,000 per couple) from the sale of an eligible […]
Super health check
Use this checklist to review the health of your super in 5 easy steps Getting started The best way to perform these checks is either on ATO online services through myGov or by contacting your super advisor directly You need a myGov account linked to the ATO Once you link your myGov account, you can also use […]
Further eligibility age change for downsizer contributions
Be aware of new eligibility rules regarding superannuation downsizer contributions In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, […]
2022/23 October Federal Budget
Federal Budget overview On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government. Key measures Certainty for unlegislated taxation and superannuation measures Digital Currency – Clarifying that digital currencies are not taxed as foreign currency Depreciation – Reverse the self-assessment of the effective life […]
