Until recently, the ATO’s view was that, once deceased, a pension member’s superannuation account goes back into “accumulation mode”, with any capital gain on disposal of assets to fund the payment of a death benefit therefore subject to Capital Gains Tax (CGT) and any income earned prior to payment of the benefit subject to income tax.
What’s c...
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div style="color: #505050; font-family: Verdana; font-size: 14px; line-height: 150%; text-align: left;">From 1 July 2012, the $25,000 p.a. concessional contribution cap has applied to all tax payers, regardless of age or account balance. Concessional contributions are before-tax contributions and include Superannuation Guarantee (SG) payments...
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On 5 April 2013, the Government announced a number of proposed reforms to superannuation. The proposed reforms include:
Change to tax free status of earnings on superannuation assets supporting pensionsFrom 1 July 2014, earnings (such as dividends, interest and realised capital gains) on assets supporting pensions will be tax-free up to $100...
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The ATO has recently made its intentions clear when it comes to super fund members who fail to comply with income stream rules relating to funds in pension mode.
Do you need to take action?
Read this advice from our resident Superannuation expert, Sonja Rubinstein, to see if you need to take action.
If you have a Superannuation fund in pension ...
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The 2013 Federal Budget contained few surprises as many of the measures had already been announced, however most Australian households have been impacted in some way.
Baby bonus to be replaced with new Family Tax Benefit payment
Date of effect: 1 March 2014
The Baby Bonus, which currently pays $5,000 to eligible parents for each new born or n...
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End of Financial Year is upon us once again! It's time to make sure your tax affairs are in order and any important decisions are made and acted upon.
We've prepared this tax planning checklist that will have you breathing easy about this hectic time of year.
Business Owners
1. Superannuation Guarantee Contributions
As an employer you ar...
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