Despite giving lip service to “red tape reduction” and setting up committees for that purpose, it seems that Governments and their associated bureaucracies cannot help themselves.
Here are some extra complexities placed on Super Fund trustees just in the past several months:
Abolition of excess concessional contributions tax. This is not an abolition, it will be paid by the taxpayer instead of the Super Fund and an interest charge will be added. However, you can arrange for a release of excess concessional contributions which would otherwise automatically trigger the bring forward provisions for non-concessional contributions.
Division 293 Tax. This new tax is to be payable by high income earners in respect of superannuation contributions paid for them (see our article on this subject).
Increased Concessional Cap. Previously if you were over 50, your concessional cap was $50,000 compared with $25,000 for younger taxpayers. For 2013/14, the $50,000 cap becomes $35,000 but it doesn’t apply to the over 50s; instead it applies to those who were 59 years or over on 30 June 2013. From 2014/15, it will apply to those who are 49 years or over on 30 June 2014.
For some reason, eligibility for the higher cap is now determined by reference to the person’s age at 30 June in the previous year.
None of this affects the non-concessional contributions cap which remains at $150,000.
Super Fund Auditors. From 1 July 2013, your Super Fund auditor is required to be registered as an Approved SMSF Auditor by ASIC. Your auditor will have had to apply for registration with ASIC as an approved SMSF Auditor and you will need to go to the ASIC website to check that he is on the list of approved auditors.
WTB 32/1446.
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