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? Read more...