SMSF Year End Checklist - 2016

Ensure that the minimum pension has been paid.

If in receipt of a Transition to retirement income stream (TRIS) ensure that the minimum pension has been paid and ensure that the maximum pension is not exceeded.

Pay any contributions into the fund

-          Concessional contributions up to a maximum of $30,000. If aged 50 maximum cap is $35,000 (incl SGC)

-          Non concessional contributions need to be made up to an annual limit of $180,000. If a member is aged < 65 years of age they can pay up to 3 years $540,000 into the super fund. Remember to consider the Federal Goverrnments 2016 budget announcements impacting TRIS and lifetime non concessional thresholds.

Issues

1. Be aware that if a member or member’s business pays costs of a super fund, these costs will count as contributions resulting in possible excess contributions.
2. Take advantage of the co-contribution where possible. Remember that assessable income is not taxable income.
3. Spouse contribution of up to $3,000 can be made and a tax rebate of up to $540 claimed is their spouse has assessable income <$13,800.
4. If commencing a pension or rolling over funds from one super fund to another notification of the amount to be claimed as a tax deduction needs to be advised prior to commencement or rollover. Again, please consider the maximum pension asset base announceed in the 2016 Federal Budget.
5. If the member’s business is renting premises from the SMSF ensure all rent payments are made and that the lease is up to date.

This is only a guide and is not to be construed as advice