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?
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?