Setting up, operating and maintaining Self-Managed Superannuation Funds. Phil Tadros

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СКАЧАТЬ exceed the cap limit, there will be 15% tax payable on the excess of the contributions. Not everyone can make this type of contribution freely. If you are 65-74 years old, you need to meet certain work tests to continue making non-concessional contributions. If you are above 75 years, then none of this contribution is available, except for a downsizer contribution (you can obtain information on this from the ATO website).

      Having set out the types of contributions, let us suppose that you both now have a total super balance of $710,000 ($60,000 from rollover, $50,000 from concessional contributions and $600,000 from non-concessional contributions). Assuming no other activity has occurred up to the end of the financial year, your SMSF will be taxed on 15% of $50,000, which is $7,500, plus the SMSF will need to pay the ATO Supervisory Levy of $518.00. This is because it is the first year in which the SMSF has to lodge a tax return, so the ATO Supervisory Levy is $259.00 multiplied by 2. The total tax payable for the SMSF will be $8,018.00.

      After lodging the first year tax return with the ATO, provided that all the information is correct and there is no material error, then the ATO will issue your SMSF with a complying status, meaning that your SMSF complies with the ATO and qualifies for the taxation concessions, and later on, qualifies for receiving government co-contributions, and paying its members tax-free pensions.

      Another contribution type which is not taxable in the SMSF is the government co-contribution, where the ATO provides up to $500 as a co-contribution into your SMSF. This occurs after you lodge your SMSF Annual Return and also your individual tax return for the same financial year. The co-contribution is available provided your individual income is within a certain range, called the income threshold, and the ATO provides guidance on what is included in the income threshold test. Information on this is available on the ATO website.

      One other type of contribution is called an In specie (asset) contribution. According to the ATO, this is in the form of transferring assets from a member to the SMSF. However, not all assets can qualify for this. In fact, the only assets that qualify for this type of contribution is listed shares and business real property. These must be transferred at market value, and the member making this transfer will need to declare a capital gains event in their individual tax return. Business real property generally means land or building used wholly and exclusively in a business. So if you are a business owner and you own the premises in which your business operates, you can legally transfer the property into your SMSF. However, please see your professional accountant for more guidance. The information available online, on the ATO website, and in this book is not a substitute for financial advice.

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