Issue: 247
Sent: 14-12-2010 12:13:02
In this issue:

What Have We Learned?A How To Book Of Self Managed Super FundsEmail Marketing WorkshopsLast issue for 2010ATO changes its Super Contribution Tax RulingEmail Marketing Business Opportunity - Helen Bairstow
Return to full article list
HomeFree weekly newsletterSelf Managed Super Fund ArticlesContact usLogin AllThingsConsidered.biz

ATO changes its Super Contribution Tax Ruling

Click here to buy - A How To Book of SMSF's by Tony Negline
Tony Negline

Last Friday the Tax Office announced an important concession for larger super funds in relation to tax deductions for personal super contributions.

Tax Ruling 2010/1 on super contributions, initially released in February, changed how the maximum tax deduction for personal contributions will be determined especially when some of a member's personal contributions are rolled or transferred to another fund or taken as a lump sum.

In that ruling the ATO said that this change would apply from 1 July 2010.

The change involves super funds recording more information about super fund members. Moreover it demands that this information be held for several years.

Needless to say the larger super funds were unhappy about the additional reporting requirements and asked for some changes. The ATO has made one amendment in relation to contributions made over several years.

The ATO has now announced that it's new rule will apply from 1 July 2011. You can read more here: http://www.atcbiz.com.au/r.php?r=7yx8z1f

In-line retailing

Next a quick word about on-line retailing. As you are aware there has been much talk in the media over the last week about how on-line retailers are making life tough for traditional retailers. One of the issues traditional retailers have attacked is the so called GST pricing advantage overseas based online retailers.

Interestingly one of the voices complaining loudly about on-line retailers has spent more than 10 years arguing that on-line retailing was a waste of time and would never amount to much!

My colleague Lester Wills recognised many years ago that on-line retailing would probably revolutionise the way we shop. All those years ago I don't recall many people agreeing with Lester as they couldn't see beyond traditional retailing. It looks like his prophecy has finally come true and it's beginning to annoy traditional retailers.

Finally please consider purchasing a copy of "A How To Book Of Self Managed Super Funds". 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 2 to version 3 visit: http://www.http://www.atcbiz.com.au/r.php?r=7aj5d3d

There have been many changes to this book. Version 3.0 contains over 30 pages of new material.

This update has taken longer than I would like however I have been delayed due to a frustratingly steady stream of political policy announcments, review documents and the release of various ATO documents.

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


Share this article
Click to share this article on Facebook Click to share this article on Twitter

Previous article         Next article

 
If you liked this article and would like more by email, subscribe! It's free.

[Bold fields are required]

Your details

Your alternate email address is used only if messages to your primary email address are returned to us.

Industry

Do you work in the financial services industry?

This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.

 
 
Site design by Raycon