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Trustee obligations of a disqualified person

Posted on Mar 28, 2014 by editor

There are ramifications when a trustee in a self managed super fund (SMSF) becomes a disqualified person. An individual can become a disqualified person if any of the following conditions apply. If they: -have been convicted of an offence involving dishonesty -have been subject to a civil penalty order under the super laws -are insolvent under administration -have been disqualified by a court or regulator A company is a disqualified person if any of the following conditions apply: -a responsible officer of the company (such as a director, secretary, or executive officer) is a disqualified person -a receiver, official manager, […]

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Reduced super concessions under Division 293 tax

Posted on Mar 28, 2014 by editor

A tax may apply to individuals with high incomes to reduce the amount of concession paid on their super contributions. This tax is known as Division 293 tax. Division 293 tax was introduced to reduce the concession on superannuation contributions for individuals with income greater than $300,000 per annum. Under Division 293 of the Income Tax Assessment Act 1997 tax will be payable on certain contributions made from 1 July 2012. If an individual’s income for surcharge purposes, plus their low-tax contributions are greater than $300,000, they may be liable to pay an extra 15 per cent tax on their […]

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