AYB240 Lecture Notes - Ophthalmology, Mary Philips, Australian Taxation Office
Document Summary
Lecture 8: self managed superannuation funds: members personal contributions made by an individual of a superfund, others (e. g. employers, spouse, government co-contribution) Contributions made by members and claimed as an income tax deduction. Subject to 15% tax on entry to fund: non-concessional. Business profits or from selling an asset. Tax-free portion of any foreign super transferred from overseas to australian super account. Smsf: listed securities, business real property. Change of emphasis from limiting super benefits paid to limiting benefits going into super. Cap: aged 50 or over (transitional to 2011/12)# *can be averaged over a 3-year period (i. e max. of ,000 in one of the 3 yrs. Non-concessional contributions: contribute a maximum of three times the non-concessional limit in a three year period, contribute ,000 in one year, then no further non-concessional contributions for next two years. Must be under 65 when contribution made. Rule automatically triggered when a contribution >,000 made. Public sector contributions excluded from assessable income.
