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Legislation Planning Idea Super

The ALMOST end of Excess Contributions Tax

In the last budget the Government announced the end of Excess Contributions Tax. The announcement was that, just like was already the case for excess concessional contributions, from 1 July 2013 if a taxpayer makes excess non concessional contributions, rather than assessing them with Excess Contributions Tax, the super fund could refund the excess amount. […]

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Cases Rulings Super

Tax, super and pizza – the perfect combination

Pop quiz: Are pizza delivery drivers, who are required to use their own vehicle and are just paid per delivery, employees for the SGAA? ATO Interpretative Decision 2014/28 says they are. It concludes they are common law employees as the vehicle is not an “overriding factor when considering the arrangement as a whole.” This is […]

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Planning Idea Planning Stuff Super

Super gets an indexation boost

Its time to relearn your super rules… FromĀ 2014/15 the concessional contribution cap will increased for the first time to $30,000. So remember thatĀ in the 2014/15 year there will be a $35,000 cap for those aged 49 years or over on 30 June 2014, and a $30,000 cap for everyone else. As a result the non-concessional […]

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GST Income Tax Legislation Super Tax Policy

Clearing the Tax and Super Decks

Apart from the changes in the Mining Tax and Carbon Tax repeal bills (small business instant asset write off, carry back losses…), and the promise to remove the means testing of the private health insurance offset, the government only has a series of promises to do certain things the previous government announced. There are 37 […]

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Super

Wooster, SMSF and death

As a new type of family becomes more prevalent, the “blended” family according to our verbally challenged opposition leader, issues like Wooster are going to become more relevant. In this case a husband passed away. His wife expected almost $1 million from his SMSF but he had a BDBN in favour of his daughters of […]

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Super

Asset allocation in an SMSF

I spend a lot of time with financial planners – normally at conferences where planners often have a cleansing ale or seven… And they always ask what I am investing in personally.Why do they think a tax nerd knows anything about asset allocation… But i like to pretend I don’t put it all in listed […]

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Planning Stuff Rulings Super

Reserving strategies work…

In a new Taxation Determination (TD 2013/22) the Commissioner gives a green light to reserving strategies to avoid excess contributions. He states that if a fund receives contributions in year 1 but allocates it to a member in year 2, it is a concessional contribution in year 2. So hopefully the funds deed allows for […]