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By Adele WardleyThe budget announced last night has proposed many changes to the way superannuation funds are currently taxed. These changes will impact the strategies on how to accumulate superannuation as well as those who are currently paying pensions. It will be critical to review your circumstances before making further contributions and plan to ensure your superannuation is structured to best deal with the changes occurring on 1 July 2017.  The below is a summary of the key proposed me... 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...