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The changing SMSF environment paper

Published on 06 Aug 12 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper covers recent Government announcements affecting the Superannuation industry. The sum of all these changes means that advisers are faced with a changing landscape entailing both compliance obligations as well as planning obligations. Specific topics covered include:

  • TR 2011/D3
  • New Super Guarantee Rates
  • Higher concessional contributions cap for over 50s deferred to 1 July 2014
  • Dealing with Excess Contributions Tax
  • FOFA - The Accountants' exemption
  • Superannuation contributions tax to double to 30% for incomes above $300,000
  • Update to PSLA 2009/1 In-house Assets
  • Collectables and Personal Use assets
  • New SMSF member verification system
  • Off-market transfers  between SMSFs and related parties
  • Net Market Valuation for annual reporting purposes
  • Dealing with insurance in SMSFs.

Author profile:

Tim Miller
Tim is an SMSF education consultant with over 20 years' experience providing compliance and administrative support to SMSF professionals. Tim is one of Australia's leading SMSF presenters delivering structured and tailored SMSF courses to Advisers, Accountants and SMSF support staff. Current at 05 April 2016 Click here to expand/collapse more articles by Tim Miller.
 

This was presented at Superannuation - Cutting edge strategies.

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