SMSFs & off-market share transfers, 100% return on super, minimum pension payments, contributions caps
Dear SuperGuide reader
With only 2 weeks to go before the end of the financial year, we thought you may find useful this special SuperGuide Alert, to remind you about certain superannuation opportunities that end on 30 June, or alert you to specific superannuation obligations that must be met before 30 June (if you don’t want penalties to apply).
- SMSF: OFF-MARKET SHARE TRANSFERS MAY BE BANNED FROM JULY 2012. If you’re considering off-market transfers of personally held shares to your SMSF then you may need to seriously consider conducting those transfers before 30 June 2012. Before you do anything, read the article below and then talk to your accountant or SMSF adviser.
- WANT TO MAKE A 100% RETURN IN 2 WEEKS? This is not a joke! And, you need to be quick. If you are eligible for the co-contribution, the Government may match you dollar for dollar up to a maximum of $1,000. Next year the maximum falls to $500, so be quick. Click on the article link below for more information on how to take advantage of the co-contribution scheme.
- SUPER TAX ALERT: HAVE YOU COUNTED YOUR CONTRIBUTIONS LATELY? Count your contributions and avoid excess contributions tax. Click on the article link below to discover some last-minute tips on how to keep within your contributions cap, and what happens if you don’t.
- SMSF PENSIONS: HAVE YOU MET YOUR MINIMUM PENSION PAYMENT REQUIREMENTS? The Government has provided some payment relief for the 2011/2012 year (and for the 2012/2013 year) but not as much as for previous years. Click on the article link below for more information.
If you are considering any of the opportunities or obligations outlined in the articles listed above, or other significant super decisions before 30 June 2012, then I suggest you immediately chat to your accountant, adviser or the Australian Taxation Office for guidance.
JUNE 2012 NEWSLETTER: SuperGuide’s regular June 2012 newsletter email will arrive in your mailboxes later in the month, with updated contributions guides, the latest superannuation thresholds, popular Q&As and more.
Thanks again for your support and interest in SuperGuide.
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If any SMSF trustee is considering transferring personally held Australian shares into their self-managed super fund, then be aware that the rules are set to change. Although legislation is not yet in place, the Federal Government announced last year that, from 1 July 2012, where SMSFs sell to, or buy assets from, a related party (typically a SMSF member/trustee), the sale/buy process needs to take place through an underlying market. Read more
If you earn less than $62,000 a year, or your spouse or children earn less than $62,000 a year, then you, or your spouse, or child, have 2 weeks to potentially make a 100% return on your money when you make an after-tax super contribution. Read more
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For the past three years, SuperGuide has been highlighting the tax problems associated with the halving of the contributions caps, in particular, we have continuously squawked about the ridiculous, daft, and heinous excess contributions tax regime. Read more
When you start a superannuation account-based pension you must withdraw a minimum amount each year, based on your age and size of your account balance, to enable the earnings on your super pension account to be tax-exempt. Read more