Top marginal tax rate on early access to superannuation?

Currently people who illegally access their superannuation balance early pay tax on the amount at their marginal tax rates, plus the medicare levy. However it was a recommendation of the Cooper Review  that this be tightened to further discourage illegal early access of super, with such amounts to be taxed at the top marginal tax rate: “Recommendation… Continue reading Top marginal tax rate on early access to superannuation?

How much tax does a Non-Complying SMSF pay?

What tax rate applies to Non-Complying SMSFs? The tax rate applying to non-complying funds is set by section 26(2) of the Income Tax Rates Act 1986 – which currently says: “The rate of tax payable by a trustee of a non-complying superannuation fund in respect of the taxable income of the fund is 45%”. Although this… Continue reading How much tax does a Non-Complying SMSF pay?