Industry Leaders in SMSF Strategy and Tax

Budget-2016

Federal Budget: 2016/17

May 11th, 2016
Source: Julie Dolan
Last week Scott Morrison handed down the Government's 2016/17  Federal Budget. In relation to SMSF's there was a real sting in the tail. Following is a list of the Good & Bad in relation to SMSF's:OUCH:Reduction in Concessional Contribution Caps:From 1st July 2017, the concessional contributions cap will be reduced to $25,000. As it currently stands, the concessional contributions cap is $30,000 per year for an individual under age 50 and $35,000 for 50 years and over.Lifetime cap for Non-Concessional Contributions.This is a real sting... From 7.30pm (AEST) on 3rd May 2016, a $500,000 lifetime cap in relation to non-concessional…

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    Finally arrived: ATO guidance on LRBA’s

    In December the ATO issued ATO ID 2014/39 and ATO ID 2014/40. These interpretative decisions confirmed the application of the non arms length income rules (NALI) to certain related party…