Marsden Stantons > Fresh News > Avoiding excess SMSF taxes
FacebookTwitterYouTubeLinkedInRSS Feed
Established 1972, ph: +61 8 9382 3244

Avoiding excess SMSF taxes

Avoiding excess SMSF taxes

Self Managed Superannuation Funds (SMSF) have the potential to be a bit tricky.

One of the traps people fall into is that some SMSF members are exceeding their contributions cap. This is occurring when they rollover or transfer their entitlements (all or part) from one fund to another fund (e.g. from an industry super fund to their SMSF) and report this transfer as a 'current year contribution'.

This results in the amounts being reported twice to the ATO and thus becoming a liability for the member. You should NOT report this rollover/transfer as a 'current year contribution', as current year contributions are only required to be reported by the transferee fund.

To avoid paying Excess Contribution Tax on your superannuation rollover or to better understand your SMSF options please call one of our superannuation specialist for a complimentary review of your situation.