Articles

End of Financial Year 2015 reminders for SMSFs

SMSF, superannuation, end of financial year, eofy, 2015, 2014/15With the end of the 2014/15 financial year fast approaching now is a good time to consider some SMSF and superannuation issues.

Minimum Pension Payments

As usual it is important heading up to the end of the financial year to check that at least the minimum pension payments have been made. Failing to make at least the minimum payment can result in the pension being deemed to have ceased at the start of the financial year – leading to tax consequences for the fund and the member. There is, however, a limited concession offered by the ATO, see: SMSF missing the minimum pension payment amount?

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Medical practitioner for disability superannuation benefit: ATO ID 2015/11

'Legally Qualified Medical Practitioners' for the purpose of Disability Superannuation Benefit, ATO ID 2015/11The ATO has issued an Interpretative Decision (ATO ID 2015/11) setting out what the tax office deems to be ‘Legally Qualified Medical Practitioners’ for the purpose of a Disability Superannuation Benefit.

The definition of ‘disability superannuation benefit’ is important for several sections of the Income Tax Assessment Act 1997 (ITAA 97), including section 307.145, which modifies the tax free component of the benefit to reflect the time that would have been spent in the workforce, and section 301.40, which sets out the rules for a 15% tax offset.

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