Use Carried Forward Unused Contributions with Care

Provided that a member has a total super balance of less than $500,000 as at the previous 30 June, and is eligible to make concessional contributions, a contribution equivalent to this year’s cap plus any unused cap amounts for the previous 5 years can be made. SMSF...

ATO Targeting SMSF Valuations

The ATO have used data analysis to target 16,500 SMSFs that have reported the same value for certain classes of assets, primarily direct property and unlisted companies and trusts, for the last three, or more, years. Though there may be good reasons why an asset value...

About Reversionary Pensions

When a beneficiary first becomes a recipient of a reversionary pension a few items need to be considered. As the pension is continuing, it must satisfy the minimum pension payment obligations in the year of the primary pensioner’s death. The exemption from this...

ATO Focusing on Professional Advisers

The ATO expect that advisory firms, including individual advisers, must set the standard for integrity by attending to their own tax and super affairs. As such, the ATO have established a Tax Avoidance Taskforce Adviser Strategy which has been engaging with privately...

What About an Enduring Power of Attorney

To meet the definition of an SMSF in s 17A of the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA), all fund members must generally be trustees of the fund (or directors of a body corporate that is trustee) and vice versa. Director/trustees who, due to an...