SMSF Alert: March 2014

Key Points Increase in contribution caps Tax Office confirms system doesn’t automatically recognise ‘contribution reserving’ strategy Threat to Commonwealth Seniors Healthcare Card access for SMSF pension members Tax Office goes after those double dipping franking credits It’s been a good news, bad news kind of month. The annual contributions caps have increased due to indexation; the Tax Office has confirmed headaches for those using the ‘reserving strategy’; the Government is rumoured to be considering restricting access to Seniors Healthcare Cards; and the Tax Office is seeking back taxes from those doing ‘dividend washing’. Know Your Limits  - 2014/15 contribution...

It’s been a good news, bad news kind of month. The annual contributions caps have increased due to indexation; the Tax Office has confirmed headaches for those using the ‘reserving strategy’; the Government is rumoured to be considering restricting access to Seniors Healthcare Cards; and the Tax Office is seeking back taxes from those doing ‘dividend washing’.

The Tax Office has released the superannuation contribution limits to apply for the 2014/15 financial year (commencing 1 July 2014). The new limits are:

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