News : Contributions

Contributions, Superannuation

Second splitting request not permitted

Concessional contribution Contribution splitting Superannuation BT Financial Group

SMSF members only have one opportunity to make an application to split a concessional contribution with a spouse in a given financial year.

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Compliance & Regulation, Contributions

Contributions caps set to rise

AWOTE Contribution caps Non-concessional contributions Concessional contributions Total superannuation balances

Contribution caps will increase from the start of the new financial year, but other related thresholds will see a small decrease, creating potential traps for superannuants.

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Contributions, SMSF, Superannuation

No TBC indexation in 2024

general transfer balance cap indexation superannuation Craig Day Colonial First State

The general transfer balance cap will stay at the current level for the next financial year, but contribution cap changes will add confusion to bring-forward thresholds.

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Compliance & Regulation, Contributions, SMSF

Acceptance rules the contribution priority

superannuation contributions acceptance rules

Before advising clients on superannuation contributions, SMSF practitioners should first consider the acceptance rules trustees are bound by.

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Contributions, Superannuation

Prime time for concessional contributions

voluntary contributions superannuation

Trustees contemplating increasing their concessional contributions to their superannuation funds should take action within this fiscal year.

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Contributions, Superannuation, Tax

$3m cap shouldn’t stop inflows

Contributions

Trustees should continue to contribute to their superannuation accounts as not doing so would not be a prudent strategy to adjust to the proposed super earnings tax.

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ATO, Compliance & Regulation, Contributions

Rounding can compromise compliance

Contribution rounding

The application of rounding when reporting contributions can inadvertently lead to very tough compliance penalties for SMSF trustees.

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Contributions, Pensions

Blocking indexation a brave move

Preventing the indexation of the general TBC would be considered a very bold government initiative and contrary to the intent of the original policy.

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Contributions

TBC could land at $1.9 million

TBC $1.9 million

High levels of inflation could create a double rise in the indexation of the general transfer balance cap, pushing it up by $200,000.

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Contributions

Variations only for smaller deductions

personal deductible contributions variations

A notice of intent for personal deductible contributions can only be varied downwards and revised timeframes may apply.

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