Accountants Corner
Superannuation Splitting - A Strategy Reborn?
As you might be aware, the Federal Government announced in last year’s Federal Budget that they would look to extend the $50,000 transitional concessional superannuation caps post 1 July 2012 but only for individuals with superannuation savings of less than $500,000.
Superannuation Contribution Caps
As you would no doubt be aware, from 1 July 2009, a concessional contributions cap of $25,000 per person, per financial year applies. A transitional cap of $50,000 applies to a person who is age 50 or over on the last day of the relevant financial year during the transitional period. The transitional period ends on 30 June 2012.
Key Person Insurance
The objective of a key person insurance arrangement is to allow a business to continue operating despite the death or disability of a key individual who works, or is otherwise involved, in the business.
New guidelines for Private Ancillary Funds
From 1 October 2009, philanthropic trusts previously called Prescribed Private Funds (PPFs) became Private Ancillary Funds (PAFs).
Refunding super contributions - a minefield!
Refunding super contributions have always been a difficult area, but the tempo has stepped up in the last month since the ATO started sending out excess contributions notices.
Last chance to register for Pension Bonus Scheme
Under the Pension Bonus Scheme (PBS), a "Bonus" in the form of a one-off tax free lump sum payment, may be available to individuals who choose to defer claiming a Centrelink Age Pension or Veteran's Affairs Service Pension.
Reportable Superannuation Contributions
From 1 July 2009, it will be important to be aware of the concept of reportable superannuation contributions with regards to clients' superannuation, tax planning and Centrelink entitlements.
Expanded ‘Income’ definition for superannuation concessions from 1 July 2009
In the May 2008 Federal Budget, the Government indicated it would widen the definition of ‘income’ used when working out eligibility for various taxation and superannuation concessions and government benefits.
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