Welcome to ESUPERFUND’s June Newsletter.
We would like to take this opportunity to thank you for your support in the 2016 Financial Year.
In this issue, we highlight the importance of the timing of your EOFY contributions and we inform you of the change to our Annual Fee direct debit date for Existing SMSFs.
Lastly, we remind you of the minimum pension amount you are required to withdraw.
Client Services Manager
Do Not Miss the Chance to Get Free Money from the Government!
If you earn less than $35,454 in the 2016 Financial Year, the government will pay $0.50 for every dollar you personally contribute to your SMSF from your after-tax income before 30 June 2016, up to a maximum of $500. This means you can receive up to $500 from the government by simply making a personal non-concessional contribution to your SMSF.
For earnings between $35,454 and $50,454, the maximum co-contribution is reduced by 3.33 cents for every dollar earned over the minimum threshold until it cuts out.
Learn more about Government Co-contribution today.
Timing of Contributions Is Important
When working out your super contributions for the financial year, remember only the contributions received by your SMSF’s bank account by 30 June will be reflected on your annual member statement.
For example, if your employer regularly pays contributions for you in the month after each quarter, then the June quarter contributions will actually be made in July - as a result,
the contributions will count towards your concessional (before-tax) contributions cap in the next financial year.
Please keep track of the contributions you, your employer, or others make on your behalf to your SMSF.
If you would like the contributions to be attributed to the 2016 Financial Year, please make sure that your SMSF receives all the contributions by 30 June 2016.
Fee Schedule for Transitioning Existing SMSF
For all the existing SMSFs that transitioned to ESUPERFUND on or before 15 June 2016, the 2016 Financial Year Compliance Fee will be payable on 15 January 2017.
Future Annual Compliance Fees after the year 2016 will be payable each 12-month anniversary thereafter, in January each year.
You can visit our website for more information about the Annual Fee for Transitioning Existing SMSF.
2015/2016 Pension Withdrawals
If you have commenced a pension in your SMSF, you will be required to withdraw at least the minimum pension amount (and not exceed the maximum pension amount in the case of a TRAP)
from your SMSF prior to 30 June 2016 to comply with the SMSF Pension Rules.
A reminder confirming the minimum and maximum pension withdrawal amounts has been emailed and mailed to you recently.
If you have yet to receive the reminder, please do not hesitate to contact our office.