Self-insurance in general and some specific types of external insurance, such as trauma insurance, are to be outlawed in SMSFs and most other super funds. Over the last 12 to 18 months, the Government has made a few changes in regards to insurance in superannuation funds. Until recently, the two main changes were: a reduction […]

From our perspective the key proposed changes are: Changes to the tax free status of earnings on superannuation assets supporting income streams (pensions) where those earnings exceed $100,000 per annum. The introduction of a higher concessional contribution cap for those above a certain age. Changes to the treatment of excess concessional contributions. The restatement of […]

The changes Concessional contributions to superannuation are taxed at 15%.  The most common concessional contributions are those made to comply with the superannuation guarantee (SG), those made as part of a “salary sacrifice” arrangement or personal contributions where an individual claims a tax deduction (typically for those who are self-employed). From 1 July 2012 the […]

New ATO Penalties for Self-Managed Super Funds The ATO has introduced new penalty powers which it can impose on you if your fund breaks certain superannuation rules. The new rules apply from 1 July this year and allow the ATO to fine you and require you to rectify the mistake that has been made.  They […]