Is super pension income considered ‘assessable income’ or ‘total income’?
Q: Can you clarify whether income from a pension (from a taxed and/or untaxed super fund) is considered ‘assessable income’ and/or part of ‘total income’? Is it considered self employment income or employer income?
Do sale of shares satisfy a work test?
Q: I am 68 years of age. Does assessable income from sale of shares satisfy a work test for concessional contributions to super up to the $50,000 cap, or does one need to have other specific employment income for at least 40 hours to satisfy the work test?
Can my SMSF buy a property without paying tax?
Q: Can I sell my managed funds within my super fund and buy a rental property for the same amount without paying any taxes? We are an information site rather than an advisory site, and the answer to your question depends [...]
Which financial year do salary sacrifice contributions fall in?
Q: I salary sacrifice into my super. My super contribution for the month of June 2011 is not available to my super fund until July 2011. Will this contribution fall under the 2010 financial year limit or the 2011 financial year limit?
Retrospective payment into a super fund to reduce tax
Q: After completing my personal tax return my accountant advised I was up for approx $45k tax. (I had ceased work and sold an investment property, then unexpectedly recommenced work). The accountant advised I pay the ATO with the proviso the [...]
I have exceeded the contributions cap. What can I do?
Q: It seems I have exceeded the contributions cap in 2007-2008 by $6,600 and the ATO has imposed a penalty. Can you provide any guidance on what sort of pleas they would consider?
If I’ve reached preservation age can I claim my super?
Q: If you are living in New Zealand and you have super which has been sent to the ATO, and you have reached your preservation age, and you have retired, is there any reason you would not be able to claim your super directly from the ATO?
Do I need to pay super for my 16-year-old employee?
Q: I am a small business owner who currently employes a 16 year-old employee. They work a min of 20 hrs per week & their gross income exceeds $450 per calendar month. Am I required to pay them superannuation?
Can my employer insist I join the super fund they use?
It was my understanding I could have super paid to the Fund of my choice. Would you kindly let me know if this company can insist I join the super fund they use?
My employer has not paid my super entitlements. What can I do?
Q: My husband has been working for the same company for 4 years, and the whole time he has been working for them they have not being paying superannuation. We have asked about it regularly with no results but have [...]
SMSF audit: Where is your fund’s trust deed and investment strategy?
Q: Do I need to provide a copy of my super fund’s trust deed and financial strategy to my SMSF fund auditor in order to complete the auditing process? ‘Yes’ is the answer, based on the ATO publication ‘Auditing a self-managed super fund’, which provides instructions for SMSF auditors.
