SMSF survey by SPAA & Russell Research

SPAA  (   is conducting a survey of SMSF trustees. advisers and accountants in collaboration with Russell Investments. The intention of this study is to track the changing and evolving nature of SMSFs and those servicing the sector.  This is a great opportunity for SMSF trustees to have their say on the very important part of Australia's economy. If you are an SMSF trustee, please complete the survey at the … [Read more...]

Updated insurance & investments requirements for SMSFs – Aug 2012

The ATO has introduced measures on 7 August 2012 which are part of the suite of measures announced within the Stronger Super legislation. These measures are intended to address potential risks and strengthen the regulatory framework in which self-managed super funds (SMSFs) operate. In short, these measures mean that you, as trustee of an SMSF, are required to: conduct a review of the fund's investment strategy on a regular basis consider insurance for fund members as part of the fund's … [Read more...]

Excess Contributions Tax Alert

Did you know that the tax deductible superannuation contributions cap of $50,000, including salary sacrifice amounts, if you are 50 or older will stop from 01 July 2012? From 1 July 2012, the cap will be limited to $25,000 regardless of your age and any excess over $25,000 will be taxed at an additional rate of 31.5%. With 15% tax already paid on the tax deductible contribution, the additional 31.5% tax on the excess brings the total tax liability to 46.5%.  Excess concessional contributions … [Read more...]

Some Tax & Super Tips

—Contribution cap - $25,000 per year for people over age of 50 —Beware of excess contribution tax —Do not contribute more than personal taxable income – you cannot make a taxable loss by contributing to super —If you are over 65 years of age, you need to satisfy the work test to be able to contribute to super —Split super contribution with spouse who has lower super balance How can we help? We can assist you with a review of your current tax situation to ensure that your income and … [Read more...]