The following items should be reviewed in the lead up to 30 June 2010:
New Tax Deductible Super Contributions Cap
The maximum allowable caps for concessional contributions made in this financial year are as follows:
- If you are under age 50 at all times during the year = $25,000
- If you are age 50 or more on 30 June 2010 = $50,000
Concessional contributions include amounts paid by an employer, salary sacrifice amounts, and amounts claimed as a tax deduction by a member.
Maximise After - Tax Contributions
The maximum allowable cap for non-concessional contributions = $150,000
If you are under age 65 at any time in the year you can use the 3 year bring forward cap rule of $450,000 - but only of you have not triggered this rule in previous years.
Check all contributions made in the year against these caps to avoid Excess Contributions Tax.
Minimum Pension Payment
Ensure the minimum pension payment has been made for each pension member. The Australian Taxation Office consider the funds tax exemption in pension could be at risk unless the minimum has been paid.
All Rents Paid
Where the super fund has assets leased to a related party ensure all rents and other amounts have been paid on time.
Unit Trust Entitlements Paid
If the fund has any investment in a related party unit trust, ensure any unpaid present entitlements from 30 June 2009 are paid prior to 30 June 2010.
Interest on Loans Paid
Where super fund has loaned monies to other parties, ensure all interest has been paid to the fund on time.
Consider whether any expense or other payment needs to be made prior to 30 June 2010 including ATO tax payments, administration costs or insurance premiums.
Matters for Immediate Attention
If your fund received a letter with this years 2009 completed Financials titled "Matters Requiring Immediate Trustee Attention"
please ensure you have actioned the issues raised before 30 June 2010.
Should you have any queries please contact our office.