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ATO guidance regarding incorrect ENCC determinations
The ATO has acknowledged that an incorrect excess non-concessional contribution ('ENCC') determination may issue due to a known system issue with the calculation of some SMSF member’s total super balance ('TSB'). Editor: Recent super reforms have meant that individuals are restricted from ..
ATO guidance regarding 'downsizer contributions'
The ability to make 'downsizer contributions' effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they ..
New superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will ..
Further 'affordable housing' measures passed
Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation. ..
Super changes may require action by 30 June 2017
Due to the introduction of the new 'transfer balance cap' from 1 July 2017, super fund members with pension balances (in 'retirement phase') exceeding $1.6 million will need to partially commute one or more of their pensions to avoid the imposition of excess transfer balance tax. In addit ..
Superannuation changes passed by Parliament
The government's extensive changes to the taxation laws regarding superannuation were passed by Parliament on 23 November 2016. According to the Treasurer, Mr Scott Morrison: "The superannuation reform package better targets tax concessions to make our superannuation system fair and sustainab ..
Government 'Backflip' on Superannuation Changes
Following further consultation, the government has announced the following 'improvements' to the superannuation changes announced in the 2016/17 Budget: - The $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contribution ..
Update on the government's superannuation program
Now that the government has been re-elected, it seems they are committed to proceeding with their superannuation policy, including the controversial measure to impose a 'lifetime cap' of $500,000 on the amount of non-concessional (i.e., undeducted) contributions that can be made into superannuat ..
2016/2017 Federal Budget
The government handed down the 2016/17 Federal Budget on Tuesday 3rd May. It included (among many changes) proposed personal income and company tax cuts from 1 July 2016, the extension of GST to all imports (irrespective of value) from 1 July 2017, an increase in the small business entity ..
ATO SuperStream deadline rapidly approaching
With the SuperStream deadline of 30 June rapidly approaching, ATO Deputy Commissioner James O’Halloran says now is the time for employers who are not yet using SuperStream to cross it off their to-do list. SuperStream is the new way employers must pay super. It means paying super and sendin ..
Recent Posts
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- The ATO hits the road
- Motor vehicle registries data matching program protocol
- ATO guidance regarding 'downsizer contributions'
- ATO Updates
- Company loans to shareholders under review
- Scammers impersonating tax agents
- Expansion of the TPRS