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Written by Adele WardleyThe Federal Labor party today announced that they plan to make changes to the superannuation taxation system. These changes are only announcements - they are not yet law, in fact the legislation has not been provided to Parliament which may make it difficult to pass prior to the election being called. Should the Labor party not be re-elected the announcements may come to nothing.In any case, the announced reforms will:Cap the tax exemption for earnings on superannuati... More...
Written by Adele Wardley. If your self managed superannuation fund pays a pension you may be at risk of a significant tax penalty if you make a mistake - even an honest administrative error. In a draft ruling released by the Australian Taxation Office (TR 2011/D3), the Commissioner states that where the minimum pension amount is not paid within the financial year the pension will be taken to have ceased and the deduction allowed for exempt pension income will be denied.Unfortunately for SMSF... More...