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Did you know that the tax deductible superannuation contributions cap of $50,000, including salary sacrifice amounts, if you are 50 or older have stopped on 30 June 2012?
The Government has deferred the start date from 1 July 2012 to 1 July 2013 for some of it’s Stronger Super reforms for SMSF’s including the proposal to require related party transactions involving SMSF’s to be conducted through the market where one exists, such as listed securities.
From 1 July 2013 the following changes came into effect:
With the new financial year upon us, people are gathering their information for preparation of their tax returns for 2012. With changes to taxation levels and less availability for making super contributions for those over 50, paying more tax seems to be a reality.
On 29 June 2012 the government passed legislation to amend the director penalty regime to make company directors personally liable for unpaid superannuation contributions. While the changes are important for making the payment of employee superannuation and PAYG a primary consideration, the changes impose more onerous personal obligations on directors. Directors of companies experiencing a cash flow crisis need to be aware of the changes and take steps to mitigate their potential personal liability.
Recorded: 31st May 2012