Graeme Colley
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Event based reporting rules relaxed but watch out for the traps

While the Australian Taxation Office has relaxed the event based reporting rules of SMSFs, the tax penalties which could apply if a member exceeds their transfer balance cap (TBC) have not been relaxed. SMSF members will incur excess transfer balance…

Graeme Colley Blog

The treatment of death benefits rollovers under the new transfer balance cap has been a sleeper, with most people thinking about the $1.6 million transfer balance cap. The issue is that if their partner dies the death benefit will be…

Q&A – 22nd May

Q: Can I make a concessional contribution to my super fund once I have more than $1.6 million? A: Yes. It is possible for a person to have concessional contributions made to superannuation irrespective of the total amount they have…

Resetting your SMSF CGT cost base

The superannuation reform changes that take effect on July 1 have created a deal of discussion and debate about a whole range of things from contributions through to the impact on a client’s estate planning. One of the greater mysteries…

Q&A – 15 May

Q: Can I make concessional contributions to super once I have more than 1.6 million? A: It is possible for a person to have concessional contributions made to superannuation irrespective of the total amount they have in super. There is…

Q&A, 8 May

Q: Do I have to withdraw a minimum amount from amounts transferred to an accumulation account, as I do with my pension account? A: No, only account based pensions and transition to retirement pensions require a minimum set percentage of…

Transition to retirement income streams still a good option

Despite a pessimistic view by some, the reasons for having a transition to retirement income stream have not changed, it’s just that the investment income earned by the superannuation fund will be taxed at 15 per cent from 1 July…

Q&A: Graeme Colley

Question: Can I even out the $1.6 million cap between me and my spouse? Answer: In situations where either a fund member or their spouse has more than $1.6 million in superannuation, it is not possible to transfer any excess…