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Posted in Member

What is the work test?

Posted on 5 December 2017
If you are aged over 65 you must satisfy the "work test" before you can make a super contribution. The work test is defined as 40 hours of gainful employment in a consecutive 30-day period. The work undertaken must be for gain or reward i.e wages or salary. Because of this criteria charity and volunteer work does not meet the work test. Should you have any questions in relation to the work test or your SMSF please contact our office. ...
Posted in: Superannuation 2014 SMSF Planning Member Tax Obligations ATO Strategy   0 Comments

SMSF Sole Purpose Test

Posted on 15 June 2016
  Self managed superannuation funds must meet the sole purpose test under the Superannuation Industry (Supervision) Act 1993 (SISA). The test is based on the principle that superannuation benefits provide for the members retirement, and any investment decision must be made for the future rather than present benefit. Common breaches include: Purchasing an investment that gives benefit to a member or associate before they retire
  Providing financial ...
Posted in: Superannuation Business Structures SMSF Planning Member Compliance Tax Obligations Strategy   0 Comments

$500 Low Income Super Contribution

Posted on 31 October 2013

If you or your employer paid concessional (before tax) contributions to a complying superannuation fund you may be eligible for the low income superannuation contribution (LISC). The LISC is a government payment designed to help offset the tax paid by superfunds for low income individuals. The LISC is 15% of the concessional contributions paid into your super fund during the financial year. The maximum payment that you can receive is $500. Are you eligible? To be eligib...
Posted in: Superannuation Employees 2014 SMSF 2013 Member ATO Data Matching Strategy   1 Comments

Superannuation Binding Death Benefit Nominations

Posted on 22 June 2013
Following the death of a member of a super fund the trustee is responsible for administering the members balance by way of payout to beneficiaries or by allocating to a reversionary pension. To remove this uncertainty we recommend that members consider a Binding Death Benefit Nomination. Many of our funds have non-binding nominations in place that can be used by the trustee as a guide when distributing death benefits. The problem is that ultimately with a non-binding nominatio...
Posted in: Superannuation SMSF BDBN Binding Death Benefit Nominations Planning 2013 Trustee Member Beneficiary Nomination Admin   0 Comments

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