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Superannuation

Superannuation Strategies: A Comprehensive Guide and Tips for Small Businesses

For many small business owners, superannuation can be a confusing and complicated place. It is best... read more

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Superannuation

Why are Self Managed Super Funds (SMSF) Becoming so Popular ?

Nearly 200 people are starting Self Managed Super Funds (SMSF’s) in Australia every day. So many... read more

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Greg Einfeld Director at Lime Super
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Daniel OddOwner at Accounting Perspective
Great Article Greg. Well balanced, and covers the relevant issues. I wish there were more advisers with this mind-set in the marketplace!
Superannuation

Changes to ATO Supervisory Levy for SMSF’s

You may notice when signing your SMSF tax return this year that the 2013 ATO Supervisory Levy has... read more

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Superannuation

What are Self managed Super Funds?

Self Managed Super Funds (SMSF’s) are becoming an increasingly popular way of saving money for... read more

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Greg Einfeld Director at Lime Super
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Han Teng
Thank you Greg for this insightful article. I was trying to get my head around the whole SMSF hype. Now it is much clearer to me.
Superannuation

Questions to ask before you consider buying property in a SMSF

I have had a lot of enquiries lately for advice on SMSF loans for property investment and we have... read more

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Liam Shorte Director, SMSF Specialist Advisor & Financial Planner at Verante Financial Planning & The SMSF Coach
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Superannuation

What are the benefits of a Self Managed Superannuation Fund - SMSF

More and more Australians are looking to take greater control and be involved in their... read more

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Liam Shorte Director, SMSF Specialist Advisor & Financial Planner at Verante Financial Planning & The SMSF Coach
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Superannuation

Are you Prepared for the Super Contribution Increase?

Superannuation is a crucial part of an employee’s benefits package and is heavily regulated, so... read more

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Ben Thompson CEO at Employment Innovations (EI)
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Mac CentenoBusiness Dev't. at Bookkeeping Central
As well as planning for the financial impact of this increase, it is critical that business are prepared for the administrative changes. For those using MYOB or Quickbooks, an upgrade will be available and should be implemented to ensure that the new year payroll is correct. This using Xero, SAASU or other cloud based systems should find this is automatically updated.
Questions

What is the maximum amount one can contribute to super, inclusive of compulsory super?

And what if that amount exceeds the allowable limited? Any penalties or just pay the tax? read more

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Jeffrey Joel MD at Auspac Trading NSW PL
Liam ShorteDirector, SMSF Specialist Advisor & Financial Planner at Verante Financial Planning & The SMSF Coach
Self Employed or small company owners can double dip on the concesssional contribution limit? The taxpayer could have $25,000 concessional contributions made during the year, then make an additional $25,000 in June, enabling a $50k tax deduction.  $25k is allocated to the member in the current financial year, with the $25k in June taxed within the fund, but the allocation not occurring until the following financial year (before 28 July).  you need to be aware amounts to be held over for the 2013/14 year means you cannot make a further contribution next year unless you engage the same strategy.  Talk to. SMSF Specialist about this strategy as they will have work wih your tax agent ad ATO's system not up to speed and tax agent will need to follow a procedure.  
Shane GoldCompliance Officer at First State Super
For the 2012/13 financial year, you can contribute up to $25,000 of concessional contributions. This includes SG and salary sacrifice. For a non-concesional contribution (personal), you can put in $150,000pa or you can use the bring forward provision which allows you to make $450,000 over a 3 year period. These amounts are the contributions caps. If you exceed these caps, you will pay a total of 46.5% contributions tax. You just pay more tax for the excess amount which is at the highest marginal tax rate. A new law has been introduced that if you exceed the concessional contributions cap by less than $10,000, you'll be given the opportunity by the ATO to have the amount withdrawn from your super and pay you as an income and be taxed at your marginal tax rate. You can only use this new rule once in your lifetime. If you breach the cap and whether or not you accept the offer from the ATO to have the excess amount paid to you as an income, you'll not receive another chance should you breach the cap again.
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