Sent: 27-06-2012 11:52:02
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Super Contribution Dead-line
The Government's proposed accountants exemption and SMSF auditor registration process has been all over the media.
This is to be expected given that many of these rules were meant to be up and running on 1 July.
Hopefully we'll hear some other news about other changes - eg in specie contributions etc.
In the meantime those over 50 are doing all they can to maximise their super contributions before 30 June.
I hope no one is impacted by contributions not hitting super fund accounts by 30 June because of electronic funds transfer problems. If using EFT contribute several days before 30 June to ensure the transaction is complete because the last day of the financial year is a Saturday.
Some innocent people will unfortunately get caught by this rule.
The only time I will personally be able to make catch up super contributions will be when all our children have finished school. By then I'll be in my mid-50s and if the current policy survives I'll only be able to contribute up to $25,000 tax effectively. Not really enough.
You have to wonder if one of the underlying ideas behind the policy decision to reduce super tax concessions were:
- Enact the class envy incessantly practised by this Government
- Force people in my situation to pay more tax now and over the medium term
- By default force me to retire later than my last 60s because I probably won't have sufficient money in super before retirement
Version 6.0 of my SMSF book is now available.
You can see all the changes that have been made between Version 5.1 and 6.0 (the latest edition).
You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
For details of the changes made from version 5 to version 6 visit: http://www.atcbiz.com.au/r.php?r=d5xcpch
As you'll see from the list there have been many changes.
Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb
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