AYB240 Lecture Notes - Indemnity, Tax File Number, Tax Rate
Document Summary
Sis act links regulatory compliance and taxation concessions: give notice that fund complying with sis. Sis act compliance notice issued by: ato for smsfs, apra for all other super funds. Taxation: complying fund = 15, non-complying fund = 45% Contributions phase: taxed within the superannuation fund. Investment phase: taxed within the superannuation fund. Benefit payment phase: benefit recipient is taxed, this phase will be covered in weeks 12 and 13. Assessable income less allowable deductions = taxable income. Taxable income x marginal rate = tax payable. Personal contributions made by member and claimed as personal tax deduction. Member must give super valid notice of intent to claim contribution as tax deduction. Made by self-employed or individuals who earn less than 10% of their income as. Untaxed amounts rolled over from another superannuation fund. Certain amounts transferred from a foreign superannuation fund. Excess of amounts vested in the member: tax payable on assessable contributions.
