smsfs

  Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive

• 28 November, 2018

  When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same proportion as the tax-free and taxable components of the

• 22 November, 2018

  The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. The practical compliance guideline concerned is PCG 2017/5. With recently introduced superannuation rules now in effect (from 1 July

• 15 November, 2018

  The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services (that is, PSI) to their fund, which results in minimising or even avoiding tax altogether on that income. The ATO says these arrangements typically display

• 31 October, 2018

  Many tax agent and accounting industry representative bodies, including Tax & Super Australia (TSA), have been pushing for the re-instatement of the accountants’ exemption (see TSA’s submission to the Royal Commission here). But it seems that any discussion on the matter, let alone reaching any decision, is not going to occur any time soon.

• 29 October, 2018