by smsf | 24 Oct 2024 | News
There is often some confusion about the way a reversionary pension is treated relative to various caps and trigger points in the legislation. A reversionary pension continues to be paid to the reversionary beneficiary from the date of death. The pension does not stop.... by smsf | 17 Oct 2024 | News
The Div 296 tax bill has now passed the House of representatives. Its passage through the Senate is not guaranteed so fingers crossed. Anyhow, we have become aware that there is a lack of understanding about how this tax would be calculated so we thought it useful to... by smsf | 10 Oct 2024 | News
This Bill’s process is inching forward but there is still much that is required before it becomes law. The SMSF Association sponsored amendment – indexing the $3m cap – has been voted down in the House of Representatives. This is not surprising as... by smsf | 3 Oct 2024 | News
The devil is in the detail. A member who is eligible to make concessional contributions may claim this year’s cap ($30k in 2024/2025) plus any unused cap for the last 5 years. This essentially means that 6 years unused concessional caps, can be used in the current... by smsf | 25 Sep 2024 | News
Recently, we’ve had a couple of enquiries regarding grandparents who want to establish a superannuation balance for a grandchild in their SMSF. Depending on the age of the grandchild, the trustee – member nexus is treated differently. If the grandchild is over 18,... by smsf | 11 Sep 2024 | News
A recent PBR 1052268337540 concerning the eligibility of a member to claim personal contributions has caused some confusion. It confirms that the ATO cannot exercise a discretion to allow a tax deduction for a personal contribution if the notice of intent requirements...