Superannuation Services
We provide taxation advice in relation to superannuation matters, such as:
- Information on contribution caps and monitoring contributions. There are different types of contributions, including:
- Concessional
- Non-concessional
- Downsizer contributions
- Personal injury payments
-
Re-contribution of COVID-19 early release super amounts
Caps vary depending on the age of the member and their total superannuation balance.
- Advice regarding the eligibility for spouse contributions, co-contributions and splitting contributions.
- Excess contributions charges
- Div 293 tax calculations. Div 293 is an additional tax on super contributions made in a particular financial year for high income individuals and brings the super tax concessions back in line with the average.
- Assist with rollovers to and from other superannuation funds.
- Assistance with setting-up limited recourse borrowing arrangements (LRBA’s) together with your legal and financial adviser. Single acquirable asset rules.
- Inform members of when they have met a condition of release. Including their preservation age
- Monitoring member balances to ensure compliance with transfer balance caps (TBC’s). TBC’s limit the amount of a member’s balance that can be transferred to a tax-free retirement account.
- Ensuring SMSF assets are valued at market value as required by the SIS regulations.
- Calculation of minimum and/or maximum pension calculations each year. Pension benefits vary depending on the type of pension held along with the financial year.
- Terminal illness, disability and death benefit taxation calculations.
- Bankruptcy and winding up of superannuation funds
- Superannuation splitting after divorce and family settlements
- Where necessary appointing an actuary to calculate the exempt pension income
- Preparation of the annual financial statements which generally includes
- Statement of Financial Position (summary and detailed)
- Operating Statement (summary and detailed)
- Members Statements which includes:
- Total member balance (per member account)
- Breakdown of member preservation and tax components
- Contributions
- Transfers in/out
- Net earnings
- Benefits paid
- Taxes payable
- Trustee Declaration
- Appointing an approved SMSF auditor.
- Calculations of capital gains tax (CGT) discounts including small business CGT concessions and small business retirement rollover concessions.
- Preparation of the annual income tax and regulatory return.
- Preparation of business activity statements and instalment activity statements.
- Assistance with the winding-up process of the SMSF along with the tax implications.
- Liaising with legal and financial advisers.
- Notifying the ATO of any changes to the SMSF.
- Setting-up and registering the SMSF including (together with your legal and financial advisers)
- Requesting the trust deed
- Tax file number (TFN) application
- Australian Business Number (ABN) registration
- GST registration (if applicable)
- Electronic Service Address (ESA) registration
- Review of the sole purpose test on a yearly basis, advice regarding the duties of trustees (SIS regulations).
Note that DKP & Co Chartered Accountants do not offer financial advice.
Fill in the form on the right, email info@dkpco.com.au or call (03) 9023 9370.