The Australian Tax Office (ATO) has introduced a new form that a member of a self-managed superannuation fund (SMSF) can use to advise that he/ she has made concessional contributions in one financial year (year 1) which their SMSF only allocated to them in the next financial year (year 2).
Gone are the days when going “green” was just a fashionable option. The prevailing global awareness of the fragility of our environment has spurred the green movement on dramatically. In addition to the evident consequences of historically irresponsible environmental practices, consumers and businesses are motivated to become more environmentally conscious by a genuine desire to save the planet, as well as by financial incentives by some service providers. Be that as it may, there are far reaching consequences of the green movement in financial investment sectors too, and these could have a dire impact on some retirement savings.
The ATO has escalated SMSF non-compliance to top priority. At the last superannuation conference in August, the ATO’s superannuation assistant commissioner, Kasey Macfarlane, spoke of the different issues the ATO will give more attention to in the coming year.
A Self-Managed Superannuation Fund (SMSF) is designed to support you financially when you retire, but it is also important for your family and loved ones. This is particularly applicable whenever you die - the money that you have built up in your super can be a real help to the people that are important to you.
When you make payments into a self-managed superannuation fund (SMSF) they are classified as either concessional contributions or non-concessional contributions. The limits for both vary considerably, and the taxes that apply are significant when you go over the limits so it is important that you understand what they are about.