Business and Australian Tax Advice » Superannuation

Remember To Pay Super By 30 June

advice — Mon, 28 Jun 2010 13:21:56 +0000

You need to pay super into a super fund by 30 June in order to claim it as an expense this year.

Budget Rumour Partly True

advice — Sat, 16 May 2009 20:30:40 +0000

Before the budget it was rumoured that the Transition to Retirement Income Streams would be axed.

In fact they werent axed and are still a valid form of investing for the future in a tax effective way.

The rumour was partly true in that the amount of tax benefit has been reduced if you wanted to contribute the maximum amount of super and claim a deduction.

If you are over 55 and working and not contributing extra money to super you are costing yourself money. If you are over 60 this strategy is almost mandatory.

Shortly I will be announcing some information seminars outlining what you should be doing before 30 June 2009 to legally keep the biggest amount of your money. If you would like to be notified put your name and email address in the free resources and updates boxes on the top left.

Regards,

Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation

Budget Confirms Super Strategy – but get in quick

advice — Sat, 16 May 2009 09:43:19 +0000

Have you missed out on the $100,000 super stategy? There is still time to benefit if you act before 30 June 2009.

In order to save money the maximum concessional contributions were reduced from $100,000 to $50,000. Now a $50,000 tax deduction is still a benefit but not as good as $100,000.

You may now be paying as much as $30,000 dollars a year too much in tax by not using the super strategy.

Depending on your circumstances you may also be able to get the super money back without it being locked up in super or if you have your own self managed superannuation fund be proactively using the money to grow your wealth.

Its a great tax strategy, which is why the Government wanted to save money in the budge by making it half as attractive after 30 June 2009, but there is still time to get the maximum benefit, save the most amount of tax and there is stll benefits after 30 June.

I think its pretty short sighted by the government however as the idea was to save for retirement rather than relying on the government for the age pension. A bit like giving money away before the budget and then taking it back after the budget.

Shortly I will be announcing some information seminars to what you should be doing before 30 June 2009 to legally keep the biggest amount of your money. If you would like to be notified put your name and email address in the free resources and updates boxes on the top left.

Regards,

Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation

Self Managed Super Fund Becomes Non Complying

advice — Sun, 01 Feb 2009 13:23:22 +0000

A tax appeal last November resulted in a self managed super fund become non complying. The trustee decided that to appoint an auditor was too expensive and the few transactions didnt warrant keeping of accounting records. The ATO issued a notice deemingt the fund to be a non-complying superannuation fund. A possible consequence of ths is that the assets of the fund can be taxed at the maximum personal marginal tax rate.

No matter how small the fund or few transactions you still need to keep accurate accounting records and produce financial statements and have them audited.

Regards,

Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation

Superannuation Guarantee Deadline

advice — Sun, 27 Jul 2008 21:46:45 +0000

Today is the last day for contributions to be paid to a complying superannuation fund or retirementsvings account (RSA) provider for quarter4, 2007-08 in respect of the compulsory super of 9% of wages. After this date the amount is still payable but a tax deduction won’t be allowed.

Free Money? Lost Super?

advice — Mon, 14 Apr 2008 10:57:43 +0000

Do you have superannuation money that you have lost track of?

You may have had some superannuation paid on your behalf on a previous job you had but you didn’t keep track of where it was paid and how much.

There is a simple way of checking if you have monies owed to you from funds that have reported your super payments as “lost contact”.

The link is at the ATO site
http://www.ato.gov.au/individuals/content.asp?doc=/content/33301.htm

A good discussion of lost super is found at the ASIC site
http://www.fido.asic.gov.au/fido/fido.nsf/byheadline/Searching+for+lost+super?openDocument

Hopefully you will have a windfall!