SMSF Alert: March 2014

Liam Shorte and Richard Livingston highlight last month’s key SMSF developments

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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