Reminders and Tax Strategies for SMSFs pre-year end

A very brief and simplistic checklist for SMSF trustees to undertake well before 30 June 2015

  1. A member aged 49 or over can contribute up to $35,000 of concessional contributions (otherwise $25,000)
     
  2. Ensure sufficient days are allowed for clearance through the bank of contributions.
     
  3. Is it possible to predict self-employed persons income for the year and maximise the contributions to reduce assessable income?
     
  4. If excess contributions have been made in previous years, ensure that you don't contribute again in breach of this.
     
  5. If you make a contribution and intend to start a pension, ensure that the notice of intent to claim a tax deduction is signed before commencement of the income stream.
     
  6. If already in pension phase, have you drawn the minimum pension to retain the exempt status?
     
  7. Are you aware that not taking the minimum pension means that you have ceased taking the pension and therefore any pre 1 January 2015 pensions will be subject to the new deeming rules for age pension purposes?
     
  8. Administrative matters such as the existence or appropriateness of binding death benefit nominations, an update of investment strategy, an update to insurance requirements and review whether the deed is too old.
Q22015, Taxation & Accounting, SuperannuationCristy Houghton