SUPERCentral News
A testamentary trust is simply a trust created under a Will. Traditionally such a trust has been a fixed trust so that a certain sum or proportion of the deceased estate is held on trust for the beneficiary.
The ATO has issued an Alert (TA 2008/12) which expresses the ATO's concerns as to certain contribution practices involving superannuation funds, particularly self managed superannuation funds.
Super Minister Sherry has announced a review of the indexation arrangements which apply to public sector pensions.
The minimum pension limit which applies to account-based pensions (and transition to retirement pensions) are not subject to indexation and are unchanged.
Does the $45,000 increase in the CGT Contributions Cap apply if I have fully utilised my CGT contributions cap in 2007/08?
Does the $45,000 increase in the CGT contributions cap apply even if I made a $1m contribution before 30 June 2007?
Concessional Contributions Cap - $50,000 (no change from 2007/08)
Remember when flat screen TVs were $30,000. You can now buy them for $1,100.
The draft legislation to implement the Government's First Home Saver Accounts has been released.
The Government has announced that it will implement a statutory protection scheme for depositors and policyholders where a bank or insurer goes bust.
The New Rudd Government has commenced making its mark on superannuation.
For the 2007/08 and subsequent tax years, self managed superannuation funds will lodge one return which constitutes...
Those who say that they can't afford estate planning don't realise that in fact they can't afford not to have estate planning.
The Federal Government has previously announced that discrimination against same sex couples will be removed from areas of federal responsibility such as superannuation and tax concessions for superannuation....
the ATO will operate a super contribution clearing house for employers...
The governance review of SMSFs was not mentioned...
What is in the budget for SMSFs?
If additional tax on employer contributions is imposed, the additional tax may be refunded if the member subsequently provides their TFN to the trustee.
Super Funds, including Self Managed Superannuation Funds, have until 30 June 2008 to obtain Tax File Numbers from those members who have, to date, not quoted their TFNs to the trustee.
The crystallised segment is $5,000. The taxable component is $95,000.