Latest News

Hot Issues
spacer
Capital Gains and Renounceable Rights
spacer
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
spacer
Australia's vital statistics
spacer
Our Advent calendar for 2017
spacer
SMSFs warned on ‘ticking time bomb’ with outdated deeds
spacer
Taxation ruling on commercial website deductibility
spacer
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
spacer
Statutory wills are underutilised in estate planning
spacer
Small business slips on lodgement deadlines
spacer
300,000 SMEs utilising $20K write-off, says ATO
spacer
‘A bad thing times 10’: ATO set for new SMSF blitz
spacer
Capital Gains and Renounceable Rights
spacer
Paperwork bungles lead to $38k in payments
spacer
Australian Dietary Guidelines and healthy eating chart (PDF)
spacer
Former director liable for company’s unpaid tax liabilities
spacer
Resources on our site to help you, your family and your friends.
spacer
Super for housing measures enter Senate
spacer
No Special Circumstances to allow Excess Super Contributions
spacer
Housing tax measures progress to Parliament
Article archive
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
SMSF trustees told to take action on contributions

With 30 June 2017 now looming, the SMSF Association has urged trustees looking to make concessional or non-concessional contributions not to delay until the last minute.

       

 

SMSF Association chief executive John Maroney says SMSF trustees who want to take advantage of the higher contributions that end on 30 June 2017 need to ensure any additional money is in their SMSF bank account before the end of the financial year.

“Trustees sometimes leave it until the last minute to make either concessional or non-concessional contributions, only to discover they have left it too late and those contributions become part of the following financial year’s contribution cap,” Mr Maroney said.

“This year, it’s particularly important they move early with the lower contribution caps taking effect on 1 July 2017. Remember, too, 30 June falls on a Friday, so don’t leave contributions till the end of the last week of June to make a deposit because transactions can take up to two or three days to clear and your funds could become a 2017-18 financial year contribution.”

Mr Maroney said SMSF practitioners need to ensure their clients are still within their current caps for either concessional or non-concessional contributions.

“It can happen that trustees can make a mistake with their contributions, so take the opportunity before 30 June to make sure you are inside the legal limits,” he said.

“Although excess contributions, either concessional or non-concessional, do not have the strong tax penalties that they used to have, going over the caps is still an unneeded compliance issue that is best avoided with the right planning.”


STAFF REPORTER
Tuesday, 6th June 2017
www.smsfadviser.com

© O'Brien and Partners 2011 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922