Welcome to ESUPERFUND's March Newsletter.
In this issue, we inform you of the process of making personal concessional contributions to your SMSF. Next, we remind you that your contact details on the Client Portal must be kept up-to-date. In addition, we inform you of how you can view your Annual Minimum / Maximum Pension Requirements.
Client Services Manager
Voluntary Personal Contributions that you make to your SMSF, where you claim a tax deduction for the contribution in your Personal Tax Return, are known as Concessional Contributions.
If you are eligible for Personal Concessional Contributions, please follow the steps detailed below to complete the process.
Step One: Make a Personal Contribution to your SMSF
If you wish to make a cash contribution, you simply need to deposit cash into the bank account owned by your SMSF.
If you wish to make "in specie" contributions (i.e. transfer an eligible asset into the SMSF directly instead of cash), please refer to our website for more information.
Step Two: Complete Documentation and Notify ESUPERFUND
You need to complete a:
to confirm your eligibility for the Personal Concessional Contribution. Please find the forms for completion.
We will use the Online Checklist to:
To enable ESUPERFUND to report the Contribution Type correctly in the SMSF Tax Return and collect the correct documentation, please select the contribution type – "Personal Contribution – Concessional (taxable)" when completing the Checklist.
Step Three: Claim a Tax Deduction in the Personal Tax Return
The last step is to claim a Tax Deduction on that Contribution in your Personal Tax Return. You need to contact your personal tax accountant for the process. If you do not have a personal tax accountant, you may contact the ATO directly should you need any assistance in lodging your Personal Tax Return.
We would like to remind you to review your Fund and Members' contact details in your Client Portal and ensure that they are always kept updated.
Your Fund's contact details can be viewed under the menu tab "Dashboard – Contact" while the Members' details can be viewed under the menu tab "Dashboard – Members".
Click on "Edit" to update the information if it is no longer valid. Upon receipt of the updated contact details, we will arrange to update your details with the ATO.
Please note that you are also required to update your contact details with the bank, broker and any other investments held by your SMSF directly.
For security reasons, we are unable to update the information on your behalf.
When you commence a Pension, you must make withdrawals from the Superfund annually to evidence the Pension Income Stream.
The amount accessed must be between the prescribed minimum and maximum thresholds.
You can find your Annual Minimum / Maximum Withdrawal Limits on the ESUPERFUND Client Portal under the menu tab "Member Account – Pension Summary".
We advise that should the status be displayed as "being prepared", this is because your Fund's 2017 tax return has yet to be completed.
The average completion time for the 2017 tax return is around 3 to 4 months from the day you submit the 2017 Online Checklist.
You can the track the status of your SMSF's 2017 tax return via the ESUPERFUND Client Portal under the menu tab "Compliance – Compliance History".
The 2018 minimum and maximum amounts will be indicated online automatically as soon as the 2017 tax return has been completed (please allow up to 3 business days for the information to be updated).
Best choice our family has made when it comes to being able to take back control over where our hard-earned funds are invested to ensure maximum return for the future.
ESUPERFUND makes it so simple to set up your retirement funds in the way you want to.
To anyone who has been procrastinating over what the right thing is to do, stop and join ESUPERFUND now.
ESUPERFUND Pty Ltd as Trustee for ESUPERFUND Trust ABN 37 842 535 715
General Advice Warning
The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives,
financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products:
This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND.
Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product.
We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website.
While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an
ATO Supervisory Levy
Company Trustee Setup Fee (where applicable)