End of Financial Year

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 »End of Financial Year 2015 reminders for SMSFs

End of the Financial Year for SMSFs: 2014

SMSF End of Financial Year EOY Tax TimeWith only a couple of weeks until the end of the 2014 financial year here are some issues you may wish to raise with your SMSF clients.

Minimum Pension Payments

With 2013/14 being the first year since 2008/09 that minimum pension payment rates for account-based pensions have returned to their standard rates, i.e. 4% for people under 65 SMSF trustees should ensure that they have paid at least the minimum pension payments. Failing to do so can mean the pension has ceased, any payments made are lump sums and the fund cannot claim Exempt Current Pension Income (ECPI). See the ATOs FAQ for Minimum pension payment requirements for details of when the Commissioner may allow the ECPI to be claimed even though the minimum payments weren’t made during the year.

Read More »End of the Financial Year for SMSFs: 2014