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Articles
1 July 2012 Superannuation Reminder
Education Tax Refund Replaced by ‘School Kids Bonus’
Living Away from Home Allowances Proposals
Trustee Resolutions – Family Trusts
Investment loan interest payment arrangements
Family Trusts – Children 18 this year?
Australian Taxation Office (ATO) targets disclosure of foreign sources of income
1 July 2012 Superannuation Reminder
There are several key numbers that potentially change on 1st July 2012 impacting superannuation.

Well reported is the cap of $25,000 for concessional contributions, regardless of age.

 

Contributions in excess of $25,000 for the 2012/13 year will result in excess contributions tax.

 

Some readers may recall that there was to be a higher cap for persons aged 50 and over, with less than $500,000 in superannuation, but that proposal did not become legislation.  It might in the future.

 

The other key number is that the minimum annual pension payments are 75% of the old minimums.  There is some comfort that this reduction is the same as the 2011/12 financial year, so minimum pension payments should not change.

 

Failing to pay out the minimum, results in the earnings of the fund becoming taxable (rather than tax free).



2nd-August-2012