Yes, you can still make some super contributions after age 75, but the rules are limited. Once you turn 75, your super fund can usually only accept certain types of contributions. These include: Super Guarantee contributions from your employer; downsizer...
Self-managed superannuation funds (SMSFs) over the past few years have become the retirement vehicle of choice due to the flexibility that trustees have over investments and effective low tax rates. SMSFs are also an effective tool for estate planning, as it allows...
Section 130 of the Superannuation Industry (Supervision) Act 1993 (SISA) requires self-managed superannuation fund (SMSF) auditors to report contraventions to the ATO if they know or suspect that a contravention has, is or is about to occur by lodging an...
Understanding and maintaining tax components of a member superannuation account is important as it will determine the quantum of tax payable when benefits are paid out. Tax-free and taxable components The tax-free and taxable components can change over time and are...
Trustees of self-managed superannuation funds (SMSFs) are required to prepare financial statements in accordance with the accounting policies as per the requirements of the SIS Act 1993 and SIS Regulations 1994. There is no requirement for a superannuation fund to...
To be a complying Australian superannuation fund and receive tax concessions, your SMSF needs to be a resident regulated super fund at all times during the income year for tax purposes. Conditions to be met The residency test has three conditions and your fund must...
